Yes, this is correct. If you add the box 3 and the box 7 amounts, they should add up to the box 1 amount. (Box 2 should be less, that is the Federal tax you had taken from your check). The Box 7 amounts are your tips that you reported to your employer, which are then added in to the pay you received to become the amount on which you pay Social Security tax.
Other than enter this information into the W-2 screen as it appears on your W-2, you will not need to do anything else with this information. The information is required to be reported by your employer on the W-2 in this way for reporting your income to the IRS, but it has no direct impact on your tax outcome.
What could have an impact is if you did not report all of your tips. If you did not, you would owe your portion of social security and medicare on this amount, as well as (potentially) additional federal (and maybe state) taxes as well. Here is an FAQ to assist you with this if this is your situation: https://ttlc.intuit.com/replies/3300508