Only if it is loaded to it's rated horsepower.
To expand on that, an electric motor will only do the work it is required to do, or die trying. In other words if the work it is required to do is less than what it is rated for, it only does that work and consumes that much electrical power (plus some losses in conversion efficiency). If the required load is GREATER than what the motor is designed to do, it will still attempt to do it, even though the process will eventually fry the motor. It's a "dumb animal" in that regard, hence motor overload protection.
So if you have a 1/16HP motor (as this one appears to be) and the air flow only requires 1/32HP, the motor is only going to draw the electrical power required for 1/32HP, about 23W, plus whatever losses exist in the motor. At this small of a load, you are looking at maybe 5-6W of losses, so the motor may be drawing 28-29W.
Most AC motors will have an efficiency that drops off as the motor load drops off, because some of the losses are related to the power consumed in just making a motor into a motor, and a small percentage of those losses will be related to the size of the motor. So for that reason it's best to size a motor for about 75-90% of the expected load, that's the "sweet spot" of the motor's efficiency curve. In your case, at what appears to be around 60% load, this motor is probably not operating at it's best so it may be consuming 1 or slightly more watts than it otherwise could if it were a smaller motor at closer to its rated load. But on the other hand it will last a long time as far as stress on the windings goes and sometimes that's the design criteria; sacrifice a few watts of efficiency for the fact that a motor that is difficult to access will last a lot longer.
