That is definitely one way it is played in real basketball.
But when we played 1-3-1 in college, we always put are quickest forward at the bottom of the 1-3-1 so they could run the baseline to trap in the corners so we played it like this:
..............O..............
..............................
.............PG..............
..............................
SG..........C............PF
..............................
.............SF..............
...........basket...........
I think it just depends on what the coach is trying to get out of the 1-3-1 zone.
As for buzzerbeater, it would be nice to know how the positions are distributed on the 1-3-1 zone. I have a feeling that they have it set up more like your example so the PF and C are closer to the basket, but that is not conclusive.