No, it doesn't. It offers instant tethering. From a Google post:
It would be nice if our phones and tablets knew how to work better together and could share their connectivity seamlessly. We just rolled out a new feature called Instant Tethering, which takes advantage of having the same Google account on both your tablet and your Pixel phone, allowing them to communicate with each-other locally via Bluetooth.
When you unlock a tablet such as the Pixel C, it will notice if there is no internet connection available, and will ask your Pixel phone if it has internet and battery life. If it does, we will give you an option to enable a secure hotspot and pair automagically, without even taking your phone out of your pocket.
When you are done, if you don’t disconnect, we will notice that you stopped using your tablet and we will disconnect the hotspot for you to save your precious battery throughout the day.