Yup, that's where I just watched it. I realized that if I tried On Demand, I'd have to rewatch the first half, since I can't fast-forward there.
I think it will be just an Easter egg. I doubt they'll ever explicitly incorporate it, either because of legal issues or because it doesn't fit into their plans, so they just put in hints and let the viewers draw the connections. We now know that the real Jay Garrick is a doppelganger of Henry Allen, so we know there can be speedster doppelgangers of Henry who have different names, so maybe the '90 Flash is another such doppelganger. We'll probably never see it stated outright, but we've been given enough hints to believe it's true