No, the local address is always the end of the connection that was opened by the process being described. In this case, the MySQL server process listens on port 3306, so that’s its local address in any established connection. The queues are also specific to the connection direction described.
For an established connection, you should see the symmetric connection elsewhere in
TIME_WAIT connections are a special case.
TIME_WAIT is used to ensure a new connection doesn’t receive stray packets; only the end of the connection which initiates its termination ever reaches that state (because the other end knows that its correspondent won’t send anything more). The connection is preserved by the operating system, so it’s no longer associated with a process; the local address is the end which closed the connection.