No!!!
People, please read previous replies before commenting!
In Monterey, in full screen, the menu bar is always visible.
Therefore, if there is a notch, if you go into full screen, your full screen app will not go into the notch, because that is where the menu bar is. So you’ll have Notch with menu bar, and then a regular display with your full screen apps beneath that.
So basically, you’ll have the regular MacBook Pro 16/10 Display that we have had for years, and then “on top of that” you’ll have extra display.
The notch Area is an *addition* to the regular area, it’s not part of the regular area.