No, the format is not how it works. Only the nation code is displayed correctly, D-3NOV is not a valid tailnumber in Germany at all. On the C182 I should have D-Exxx, for example. So even in there, there’s either poor design or quite a bug.
I’m going to look into the VFSProjection and try to find out more later on (or whenever it becomes available.
Afterthought: When I managed to get into the sim on Wednesday, my 208 had the tailnumber I entered. Could that be a newly added bug, though? 
Edit: I just noted that the wrong tailnumber posted above was saved to the field where you’d enter it. So something must be wrong on saving/reading the user entry.