Yes.
The watchdog only fences the node if it would be powered but not responding (hung up or disconnected from network), it doesn't decide anything. The current HA CRM master node will mark a node as offline after 60s from the last status update of the node, from that time on the CRM will try to get the node lock and, if it could acquire it, recover the services, in the worst case that will start to happen after 120s total (i.e., 60s to start trying to fence plus 60s it takes for the lock to timeout in any case). Service recovery is a fresh start on a new node, if the VM is slow to start that needs naturally adds additional time.
So, after 120s max the VM should be recovered but is only yet starting up, so boot time is on top.