Yes, that's the bearing and the one in your photo is set deeper than factory spec which even happens at the factory . The big oil port in the journal is not always in the exact same location, therefore, if the oil hole is farther back, you can set the bearing farther back . Part of the oil port is occasionally exposed no matter where you set the bearing and having some of it exposed won't cause any problem, however, it is safer to err on the side of caution and expose as little as you can.
The shop might only charge $10.00 uds to knock the bearings out and unless you have experience installing them I would let them do it but maybe tape a big note to the front of the block with the depth you want the front bearing installed.