No, the displayed tyre section shows the one on the top. This is because otherwise Scawen would have to show the bottom of the tyre which by itself is not a problem, but he said if he did that he'd also have to code in showing of the current tyre deformation, which he'd rather not have to code.
This can be easily verified by locking up the wheels. You won't see them get red until you let go of the brakes - only then the overheated/worn section actually rotates up again so you see it on the display.