You have to go to the settings, under 'Look & Feel' and enable 'Show the notification bar'.
I always had this off on previous phones because it made that bar permanent (instead of auto hiding it) but with my new notch-having phone, it shows a black bar there instead. It basically acts like you've told the phone to hide the notch, info still displays on the black bar.
But with Nova, it's just this setting. Then your OS settings will display properly (show notch). It was pissing me off with my wallpapers. I tried 4 different apps + a generic pic, always seeing the notch on the way to the homescreen then it would click off.
Finally went digging and found this setting, only after finding you asking the same question.
So yes, it's a mislabeled Nova setting for notch phones and accurate in all other contexts. Worth letting them know about it.