Yes, that's exactly what the name means. And with the addition of an "a" at the end we get the female name - Snežana. The addition of an "a" is common to most Slavic female names.
Also there are two other forms of both the male and the female name with the addition of a "j" and "ij" (male - Snježan/Sniježan and female - Snježana/Sniježana). They occur in Serbian and Croatian while Snežan/a is only Macedonian and Slovenian. I'm saying this because of the way the respective languages pronounce and spell the word for "snow".
However, someone has commented that in Slovenia the form Snježan/a is also used but someone should confirm this.