No, it isn't. The color of your 3g or wifi indicator let's you know if you are synced with the Google servers. If it is white, you are not connected, if it is green, you are. Being synced with the Google servers allows for automatic updating of your Google account (contacts, calendar, apps you have set to auto update, gmail, etc.) It has nothing to do with signal strength or data speed.
That is true and correct.
Also whenever troubleshooting a WiFi problem it can also mean your getting a strong signal from the Router, but if not connecting to the internet then your internet provider or modem is the problem.
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