Yes you are reading those settings correctly. Bear in mind though that even when a reading is set to SmartThings, WebCore will only see an event if it changes. I had my sensor setup for every 30 seconds and now it is set for every 5 mins. There is no point sending lots of updates with no new information. It just adds to the Z-wave traffic.
First thing is to Check the temp reading is correct. then look at the frequency you want it updated.