Oracle is free to do either. You'd need to look at the query plan to see whether the filtering is being done locally or remotely.
Presumably, in a case as simple as the one you present, the optimizer would expect it to be more efficient to send the filter to the remote server rather than pulling half a million rows over the network only to filter them locally. That calculation may be different if the optimizer expects the unfiltered query to return a single row rather than half a million rows and it may be different if the query gets more complicated doing something like joining to a local table or calling a function on the local server.