Yes, just like on a phone you need screen lock (password, PIN or pattern) in order to use it.
There will always be such requirement on Android, since from what I remember screen lock's pass/PIN/pattern is somehow used in the process of getting encryption key that decrypts and encrypts data such as Google Pay payment data.
I use it mainly for AA since it gets rid of flickering on things like fences or trees quite well. Especially in games that have otherwise shit AA (I dearly miss the DLSS option in Cities Skylines II which has atrocious AA that flickers a lot).