It ought to, this is an iOS 11 feature which is what the iPhone 8 shipped with.

I don’t see any option for it in the passcode settings either.

On my iPhone SE it takes me to a screen with power off, medical ID, and emergency SOS sliders. To get back to the home screen after that I need to enter my passcode.

https://www.imore.com/how-quickly-disable-touch-id-when-you-...