Yeah you got it. Theres a regulatory body, WCA, that oversees competitions on who solves the Rubik's cube fastest in any number of events. They have particular rules that dictate how long you are able to inspect the cube and also provide the scramble for each solve so as to maximize randomness, so its a bit more than a regular stopwatch. Granted I haven't looked at this app in particular but speedcubing apps tend to keep track of averages of 3,5, and 12 previous solves and provide lifetime stats and graphs for monitoring trends.