No, this is Smart Lock we are talking about. So, for example, I have my home set as a Trusted Location, meaning that so long as my phone is within a relatively small perimeter of my home address it will stay unlocked unless I deliberately lock it. As soon as the phone moves away from my home it automatically locks. In normal locations (that is, not trusted) my phone locks after 2 minutes.
Anyway, I was commenting on the new notification which never appeared prior to today. I have always used Smart Lock / Trusted Location (I also have a "trusted" NFC tag in my car's phone mount) but I have never seen this notification before.