That's not the way I understand it. I read it as "you'll need the pass if you haven't unlocked with touch id in 6.5 days AND you'll need the pass if you haven't unlocked with face id in 4 hours"
Assuming that Apple engineers aren't stupid, the correct interpretation is "we want people to enter their passwords at least once a week so they don't forget them, but we also don't want to bother them if they're in the middle of something". So yes, once a week, you will be forced to type your password upon waking up.