Yes, this will reflect on your reporting. Using the above UTM, your source will report as AdWords and your Medium will report as PPC. It's not necessarily wrong as long as you are aware as to how that will report or you are attempting to compare the performance to other marketing efforts that have used source and medium in a different format.
The latter reference is most likely how I would use the UTM if it were my campaign.
Josh
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Josh Curcio HubSpot support and inbound marketing for OEMs, contract manufacturers, and industrial suppliers. HubSpot Platinum Partner & HubSpot Certified Trainer
As I can't change the Hubspot campaign utm_source tag that sets it as "ppc", do I now need to change all the tracking templates that I implemented in Google Ads that use utm_source=adwords?