Some of the above applies to real golf courses' hole lengths, but concerning the yardage indications, things are different here. Most important, length is not measured to green center but to the different pins.
WGT settings are:
There is a primary set of pins on every course, and if they are active, the lengths are corresponding to the official scorecards or the hole settings for (US) Open championships. This is the length from the tee peg to the flag.
For different pin positions, playing length is different. But, this would not lead to a different scorecard print in real golf - it would still show the rated layout length. Here, too, the length indicated in the scorecard and on the tee (upper left corner) is unchanged on Par4s and Par5s. Alas, when you hover over the blue dot on the mini-map, it will show WGT's real playing length, i.e. the direct distance to the pin. Example: BPB #1, a severe dogleg. Legend scorecard shows 430 yds, blue dot on the tee shows 381 yds (direct line).
Different to that, Par3s always show their real length (distance to the pin) from the tee.