Its flared because the horse is out of balance, yes. What is happening the dip (flare) that you are referring to is actually the hoof wall pulling away from the coffin bone. So basically the horse is trying to self trim in the "dip" (flare area). I do not see club. I see way out of balance due to the horse having a very high heel, and who knows it could be due to a injury and it has had to carry itself that way to relieve pain somewhere. Its too hard to tell.
Example: I rescued a shetland pony once. Her feet were horrible. The owner said to me- I don't know why that foot (left hind) looks so bad. It was a lot longer than the other feet. I knew why. Because she wasn't using it and hadn't used that foot in a long time, as it was at least 3 inches longer than the others.