Does it do that without the code in the above url.
Yes, the widget will follow those default directives, even if you don't add that configuration block, which includes them, to your web page.
Am I right to assume that shortening the poll frequency will refresh it more frequently?
You are entirely correct. Please note that lowering the poll frequency will cause the widget to reach the poll limit faster, and it will stop updating. So if you intend to lower the frequency, make sure to increase the poll limit accordingly.
If so, how frequent can it be without becoming a problem?
We can't really recommend anything lower than 60. And 15 (which is about how long some of your shorter clips might be) is probably way too low. If you have even 15 visitors even passively browsing your site at a time, that's one hit per second.
That may not be a problem on a station with only a few listeners, but if you happen to run the occasional popular show and a few hundred visitors hit your web site at once, Centova Cast is going to be hammered with tens or hundreds of status update requests per second. All of those have to be passed to the PHP backend, which is going to cause load issues and/or max out your php-fpm connection limit causing connection failures.
The default limit of 60 seconds is as far as you'd typically want to go, particularly if you want technical support from us.
If you increase it beyond that, expect problems unless you have a very fast server and are familiar with tweaking php-fpm (via cc-appserver.conf) for high load.