using the stable version 2.0.3 with german translations: the "Log-Aktionen" tab shows in the right area named "GPS-Gerätedaten" an entry "GPS-Time" reflecting the time read from a GPS receiver being connected.
At least with my device (iBlue 747 A+; details see screenshot attached) the time shown seems to reflect the time read from the device already converted (leap seconds added) to UTC timzone on comparing to times shown on
If so then the naming is misleading ... at least it mislead me as I went into "troubles" on geo-tagging my photos with having shifted them 16s too much based on the timestamp shown in the bt747 (I took a picture using the camera of the screen showing bt747 with the gps receiver being connected. And then shifted the EXIF timestamps by
<BT747 GPS time> - <EXIF time> - 16 seconds). The locations calculated then by geosetter based on the GPX output of BT747 were sometimes not correct with having moved significantly within the 16 seconds.