Sorta. It's meant to convey a bit of sarcasm and irritation, but when someone says "we see how it is", they're actually talking about the members of their group; the person they're speaking to is now included in the "we". Example: A Middle Eastern man is having a job interview at a country club. The manager says that he "just can't hire you at this time because of budget cuts, but I'll contact you in the future if anything opens up." The interviewee believes (regardless of whether this is actually true or not) that the real reason he isn't getting hired is due to his skin color, because the members of the country club are white racists and wouldn't want to be around a brown guy. So he stands up, exasperated, and says "Yeah, I see how it is". What he's basically implying is that the manager is lying, and he can see through the ruse. So a better non-idiomatic translation is, "I (or we) know what's ACTUALLY happening right now, even if you won't say it".