That is not where it goes. If you read that condition there, it says "if there is a userid, do this, else do that" (The class="guest" should have given you a hint also

). You added the font change to the "else do that" part.
If you turn on the template name in the page source, you will see what template is called there - vboptions > General Settings > Add Template Name in HTML Comments > set to Yes . (template name "memberaction_dropdown" )