yes.. fill that, nothing comes out of there... and what's more, that's where most of us here have found leaks.
If Air has escaped and water has gotten into the walls of your hot tub, that's the likely source. You can confirm this by inflating the tub and putting your hand over that hole, should feel air escaping.
if you have water inside the walls (like I did), you'll have to empty it via the inflation port. inflate to max pressure, then decouple the air pump and lift tub so water pours out that port.
then, let the tub settle to neutral inflation, fill that little hole with the waterproof putty, caulking, or whatever substance you're going to use... do a ring around the outside of that hole, so that when you put the plastic shrouding back over it it creates a seal, And you should be good. I let mine rest for 24 hours before attempting to inflate again. if it holds air at max inflation, you're good, if not attempt the seal again.
good luck