I dont believe there is a config setting for the geopoint widget to change the display format. But you can always extract the raw coordinates - which are already in decimal degrees - and display them in a following note. See this thread for guidance: How can i get the GPS data in UTM Format - #2 by Xiphware
FYI, you could in fact check this programmatically, by say checking the distance between your position and a known location is under some prescribed limit…