Coordinated Universal Time is the reference every civil clock in the world is defined against. The display above is corrected by the measured offset between your device and the server, so it is closer to true UTC than your own clock would be.
UTC is a compromise between two clocks
Atomic clocks keep a perfectly steady second; the Earth's rotation does not. UTC follows the atomic second but has historically been nudged with leap seconds to stay within 0.9 seconds of the Earth's actual rotation. That compromise, and the decision to end it, is covered in leap seconds explained.
UTC, GMT and TAI
GMT is the older astronomical term and is close enough for everyday use. TAI is pure atomic time with no leap seconds, and runs a fixed number of seconds ahead of UTC. GPS time is a third scale again. The three are compared live on the TAI page.