Yes, the sonar pulses are projected forward some and record the fish earlier than if the transducer was parallel with the bottom/surface.
The beginning of the "arch" is when the fish are first within the sonar pulse=longest distance, the peak of the arch is when the fish is the closest to the transducer=shortest distance, the end of the arch is when the fish leaves the sonar coverage=longest distance. It's all about DISTANCE and TIME.