Yes. It's a trend forecast and it is valid for the next two hours from the time of the METAR. More usually there will be NOSIG(NS) or BECMG to indicate a change happening or not as the case may be. TEMPO means that there is definitely a change about to happen and it will be those conditions (in this case TS SHRA) for at least half of the two hour period from the time of issue of the METAR.
That's my understanding without going to look it up, anyway. HTH.