No it's not, it indicates the flow of meuons particles. North and South poles do not exist individually, so in that sense they are "arbitrary," but for a magnetic field to exist the force must flow in a certain direction ... that is from the south toward the north pole of a magnet. In this case, the approximate 0.2 micro Tesla produced by the Earth's field flows in the direction we have designated North, because particles, according to Le Chatlier's principle flow in a way to reach equilibrium, or more specifically positive 'spin' particles and positively charged particles flow to fill places of negative potential. The earth has reached a dynamic equilibrium in which the magnetic field is always flowing.
In Chinese popular religion the direction of North is considered the source of evil chi'. So everyone has their main entrance on the South side to welcome in good chi.