Yes. And the cursor and the arrows are animated, so it's more legible in-game.
Currently, the character's cursor is on "X-Shock." All the icons below are locked in place (he has locked each in place with a "Star Level Up"). All the ones above are still open to manipulation. The next time the characters receive a Star Level Up, this character will learn X-Shock and Lillith(because the arrow on the icon is pointing right; it's hard to see here). Then the icon will be locked in place and the one above will be open for manipulation (currently Magna Thunder).