No. There are three tray states - Pinned, Auto Hide and Floating. You can easily tell which state the tray is in by its behavior. Pinned is always opened, and the other two are self explanatory.
Beginning with this post I show my tray layout at that time in images and animation. I still use a mix of all three tray states - AND use a keyboard shortcut to control the visibility of the floating tray and pinned tray I don’t want to quickly slip into hiding.
The help center article on this new feature is quite good, although it seem to miss the part of setting up a keyboard shortcut.