Yes, the name does imply that but it does not actually store any time zone. The timestamptz type stores a point in time in the UTC time zone with microsecond resolution while the timestamp type stores a point in time in an unknown time zone (which time zone is left up to the application/user) also in microsecond resolution. These types are really useful and closely match the LocalDateTime (=timestamp) and Instant (=timestamptz) classes in Java, but in java they have better names.
You almost always want to use timestamptz in columns and only use timestamp when doing certain types of timestamp arthmetics.
You almost always want to use timestamptz in columns and only use timestamp when doing certain types of timestamp arthmetics.