It's on one of the Russian modules of the ISS, that's why it's a ginormous Russian porthole. Since the porthole is facing Earth, I'd say yes, it's also facing the same general direction as the cupola, but not necessarily the same exact direction.
@Steve the first cover is part of the pressure containment vessel of the station, note the mating seals around its rim and the seat of its closed position. If the glass of the porthole cracks or otherwise starts leaking, the first cover keeps the air in the station from all rushing out. The other cover is the access hatch in the inner walls of the ISS that define the bounds of normal day-to-day operation.
The opinions expressed in this analysis are my own, YMMV.
EDIT
It's window number 9 (of 14) in the Zvezda module, a 16-inch-diameter (410 mm) window in the main Working Compartment. (N.B. Window No. 11 is "unaccounted for in all available sources" - so it's quite possible there are only 13 windows on the module.)
Russian Space Segment windows
link to full size (1096 x 823) image
I guess "ginormous" is a matter of opinion - a 16 inch window doesn't seem to be that big - from here on the ground.