No it doesn't. It's effectively a search facility and when it finds something matching what you have asked it to search for it sets a timer.
For instance if you configure an Autotimer to record every episode of programme A then as programme A is listed in the EPG normal timers for programme A are added in advance of the program being transmitted. If you have a 7 day EPG and have configured the search to be for 7 days then the timer for that programme will be generated 7 days in advance of it being broadcast.
Try it for yourself. Chose a future programme in the EPG, say one in a few hours time, and configure the Autotimer just to zap to that programme. Exit the EPG and wait 60 seconds. Now go to menu -> timers -> timers and you will find that the Autotimer search has found the programme selected in advance of it being broadcast and has set a timer for it.
The Autotimer is NOT waiting for a program to start. It is searching for a set of criteria and setting a timer when an match is found irrespective of the broadcast time.
If you delete an Autotimer you will be given the option to keep or delete all the timers generated by this Autotimer.
Possible the only “timer” that takes action at a specific real time is a Power Timer but this is more to do with configuring waking up and shutting down the box at user specified times.