well no, not exactly. if you used your laptop for 2 hrs for light task, like editing a text document you probably were using very little battery power, but if you're watching a divx movie or something the power consumption goes up and you would only get 30 minutes out of the remaining power. and as I said, windows battery meter is not an accurate tool. It tries to estimate how long you have left given the current battery voltage, but as I described above your consumption of this power changes depending on what you're doing with the computer, plus, there's also such things as battery characteristics that come into play, it might be able to hold charge better at 12.5V giving you something like 20kwhr, but once you drop down to 12.3V it will only get 5kwhr. Windows tries to estimate the consumption based on various sensors, but it can only do so much with just a few numbers.
So, I guess, tldr - time remaining is not an exact science and depends on many many things, so you should treat it as such - an estimate. It could be more, it could be less, it could be exactly on the dot, but noone will guarantee you either. A better estimate is the % of power remaining, because windows will forcefully shutdown the machine at certain % of power remaining rather than 10 minutes remaining.