I can confirm that the pencil sleeps after a certain period of time without being used. I took my pencil off the iPad at some point yesterday and then tried to use it today. It was not functional until I set it in the magnet. The iPad confirmed it still had over 80% charge, and it worked great once I picked it up again. It seemed it needed the iPad magnet to “wake up.”
That's interesting - I'll have to try this at work tomorrow (since my iPad sits for long periods unused). I think that's still better than picking up the original Apple Pencil and having it at 2% battery life almost every time I decide to draw with it. I carried it in my bag with my iPad and always had Bluetooth on -- original Pencil couldn't hold a charge much at all with all the motion.