No. The system will not send automatic subscription renewal reminders.
You can configure subscription products to auto-renew, in which case the system will automatically renew their subscriptions. The auto-renew functionality is primarily used by organisations that collect payments by Direct Debit, and want the renewal to be completed automatically, and with the need for the member to do anything. If you want the member to check their details, and re-confirm that they are all correct, then this is not the right option for you.
Sending the subscription renewal email is not automatic. You need to log in to the Administration panel, and click the button to send. However, once you have the system set up with the correct custom text etc, it will only take you a couple of minutes to select the appropriate list to send to, and send the email. You can send it at any time (a day, a week, a month.. before/after the subscription expires). Click here for more details on how to configure and send the subscription renewal email.