Say that the formal system is $\sf PA + \lnot Con(PA).$ Then the system proves every statement is provable in $\sf PA$, but surely it doesn't prove every statement (unless it is inconsistent, which by Godel's theorem would mean $\sf PA$ is inconsistent).
There is a name for the property "if something is provable in $\sf PA$ then it is true". When this holds we say "$\sf PA$ is sound". Soundness is a stronger property than consistency, so, since $\sf PA$ can't even prove its own consistency, it certainly can't prove its own soundness (in fact, it can't even express its own soundness as a single sentence... the schema "$\operatorname{Prov}(\ulcorner \varphi \urcorner)\to \varphi$" at the center of Lob's theorem is the best we can do, but that's a more technical issue).
So, when we conclude from a proof that something is true, we are assuming the soundness of the system we proved it in. Lob's theorem essentially says that we can't prove anything nontrivial regarding the soundness of a system within the system itself.
Addition in response to the comments.
There is certainly a subtle difference between provability and truth. First, neither of these things is something that you can really talk about in an absolute sense. Provability of a given sentence is relative to a particular axiomatic system (e.g. $\sf PA$), and means there is a formal proof the sentence using the axioms and rule of inference. Truth is relative to a particular interpretation of the language the sentence is written in.
For instance, $2+2=4$ is provable in $\sf PA$ (essentially by using the associative property: $(1+1)+(1+1) = 1+1+1+1$, though the exact details are somewhat implementation dependent). And it is also true when we interpret the language of arithmetic in the usual way, as being about $\mathbb N$ with addition and multiplication and $1$ and $0$ meaning what they usually mean.
Relative to a given interpretation, every sentence is either true or false and not both. However, the provability side is not so simple. In a given axiomatic system, a sentence can be provably true, provably false, neither or both.
The "both" option is clearly undesirable... a system where that never happens is called "consistent". As for the "neither" option - which is perhaps undesirable but less catastrophic - a system where that never happens (i.e. every sentence is either provably true or provably false) is called "complete".
There is also the question of how proof in some system relates to truth in some interpretation. When a system only proves true statements relative to a given interpretation, it is called sound (relative to that interpretation). So a sound and complete system would be one where proof and truth align perfectly. It is also something that the incompleteness theorem says we can't have for arithmetic, provided that the axioms of the proof system can be determined algorithmically. Note also no inconsistent system can be sound, since a statement can't be both true and false.
So with all that said, there's one more big layer to the question, and that's that we're not just interested in $\sf PA$ here, but what $\sf PA$ can prove about $\sf PA$. For that to make sense, we need to be able to encode stuff about formal sentences and proofs into the language of arithmetic. This is a big project, but should be plausible given that formal proofs (when the axioms are computably decidable) are computably checkable, and what is a computer doing but a bunch of arithmetic. So we can define in the language of arithmetic a predicate $\sf Prov_{PA}$ where $\sf Prov_{PA}(\ulcorner \varphi\urcorner)$ means that the statement $\varphi$, encoded by the number $\ulcorner \varphi \urcorner$ is provable in $\sf PA.$
What's less clear is the status of truth. When we look at a statement, we determine its truth inductively: first we understand whether an atomic statement like $2+2=5$ is true, then we work up to more complicated statements, like $\varphi \land \psi$ being true iff both $\varphi$ and $\psi$ are true. And finally $\exists x\varphi(x)$ being true if there's some number out there such that $\varphi(n)$ is true. Can we make some induction like that work inside arithmetic itself via some clever encoding? The answer is "almost, but no". The "no" is called Tarski's theorem and is related to the Liar paradox (and I won't even go into the "almost" since I'm already including a lot here and it's out of scope).
So when wikipedia writes "if $\varphi$ is provable in $\sf PA$, then $\varphi$ is true" what they mean is the sentence $\sf Prov_{PA}(\ulcorner \varphi \urcorner)\to \varphi$ (i.e. the "is true" is not really there, what they mean is asserting the statement itself).
So, with all that background about a) the difference between proof and truth and b) the subtleties of $\sf PA$ talking about its own proofs, we can return to your question. Lob's theorem says the only instances of $\sf Prov_{PA}(\ulcorner \varphi \urcorner)\to \varphi$ that $\sf PA$ can prove are the trivial ones where $\sf PA$ already proves $\varphi$, i.e. in a sense, it has no insight into its own soundness. This shouldn't be that surprising in light of Godel's second incompleteness theorem (which is extremely related to / any easy corollary of Lob's theorem) which says that $\sf PA$ can't prove its own consistency.
(This was the purpose of my original example in the answer: $\sf PA + \lnot Con(PA)$ is a consistent extension of $\sf PA$ that proves its own inconsistency... so it can prove every instance of $\sf Prov_{PA+\lnot Con(PA)}(\ulcorner \varphi\urcorner)$, so any proof of an instance of $\sf Prov_{PA+\lnot Con(PA)}(\ulcorner \varphi\urcorner)\to \varphi$ would immediately lead to a proof of $\varphi$.)
The bottom line is even if we take it for granted that $\sf PA$ is sound with respect to the usual interpretation of arithmetic (most do), there's no reason to expect $\sf PA$ to have this kind of insight into itself. Lob's (and Godel's and Tarski's) theorems are all limitative results about this precise sort of thing.