Not exactly ... as the USH site mentions, the shuttle stop is "across the street" from the subway station and
pedestrians must actually cross one street, then another - in an "L" shape. I've done this personally a couple of times. You can exit the station, going up to street level, going left or right, and of course, there is no sign stating which you way should go to get to USH. My recollection is that left is the correct choice.
[Ever consider Knott's Berry Farm instead?]
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Way too much detail, but ...
[Just because there's a traffic light doesn't mean it's legal for pedestrians to cross. People coming from the station must cross Lankershim Blvd., cross Campo de Cahuenga Way / Universal Hollywood Dr., turn left, and walk to the shuttle stop. I've looked at a
Yahoo satellite map, and it confirms that my memory is correct. If you exited the station to the right, you'd come up on the other side of Campo de Caheunga, but you can't cross Lankershim directly, so you'd have to cross 3 times to get to the shuttle stop (the white rectangle just "below" Universal Hollywood Dr.]