Wordpress time queries

Question

When we setup the timezone in wordpress settings page. Does it changes the server time? If I call time(); does it returns unix time according to timezone setup in the settings page?

I have checked this page here How to get WordPress Time Zone setting?

So, if i need to show suppose the current time of a neighborhood site what modification i have to do with the output of time(); function? The php time(); returns the time in the server. So is that depends on where my host belongs?

Thanks in advance!