That's not correct. Do none of the Disney regulars on here not know where those times come from? The cast member at the beginning of the line scans a card (usually red) on lanyard and and gives it to a guest with instructions to give it to the cast member at the end of the line. The 2nd cast member scans it and the wait time pops up on the screen at the beginning of the ride (and in places like hub at Epcot where it shows current wait times).
So...at 11:50 pm, if it's saying the Space Mountain line is 120 minutes, that is how long it took someone getting in line at 9:50 to make it through. The times posted are only as accurate as the latest time they sent a card on a lanyard through...and they have no reason to mess with that within the last hour of park closing, it will be inaccurate as soon as posted.