Yes this is correct (and it is for all local admin accounts, not just "admin"). Please see the results below:
Authentication attempt by "admin" when RADIUS is online:
authmgr[1547]: <124004> <DBUG> |authmgr| aal_authenticate user:admin vpnflags:0
authmgr[1547]: <124004> <DBUG> |authmgr| unknown user=x.x.x.x, method=Management
authmgr[1547]: <124004> <DBUG> |authmgr| aal_authenticate server_group:default
authmgr[1547]: <124004> <DBUG> |authmgr| Select server for method=Management, user=admin, essid=<>, server-group=radius-group, last_srv <>
authmgr[1547]: <124004> <DBUG> |authmgr| server=radius-server, ena=1, ins=1 (1)
authmgr[1547]: <124038> <INFO> |authmgr| Selected server radius-server for method=Management; user=admin, essid=<>, domain=<>, server-group=radius-group
authmgr[1547]: <124064> <NOTI> |authmgr| Administrative User Authentication Failed: username=admin IP=x.x.x.x auth server=radius-server
authmgr[1547]: <124003> <INFO> |authmgr| Authentication result=Authentication failed(1), method=Management, server=radius-server, user=x.x.x.x
authmgr[1547]: <124004> <DBUG> |authmgr| Auth server 'radius-server' response=1
aaa[1460]: <125027> <DBUG> |aaa| mgmt-auth: admin, failure, , 0
aaa[1460]: <125059> <NOTI> |aaa| Since user 'admin' authentication is rejected by authentication server, the user will not be given any access
Authentication attempt by "admin" when RADIUS is not responding:
authmgr[1547]: <124004> <DBUG> |authmgr| aal_authenticate user:admin vpnflags:0
authmgr[1547]: <124004> <DBUG> |authmgr| unknown user=x.x.x.x, method=Management
authmgr[1547]: <124004> <DBUG> |authmgr| aal_authenticate server_group:default
authmgr[1547]: <124004> <DBUG> |authmgr| Select server for method=Management, user=admin, essid=<>, server-group=radius-group, last_srv <>
authmgr[1547]: <124004> <DBUG> |authmgr| server=radius-server, ena=1, ins=1 (1)
authmgr[1547]: <124038> <INFO> |authmgr| Selected server radius-server for method=Management; user=admin, essid=<>, domain=<>, server-group=radius-group
authmgr[1547]: <124066> <INFO> |authmgr| Administrative User Authentication Successful: username=admin IP=x.x.x.xauth server=radius-server
authmgr[1547]: <124003> <INFO> |authmgr| Authentication result=AAA server timeout(2), method=Management, server=radius-server, user=x.x.x.x
authmgr[1547]: <124004> <DBUG> |authmgr| Auth server 'radius-server' response=2
authmgr[1547]: <124014> <NOTI> |authmgr| Taking Server radius-server out of service for 10 mins
authmgr[1547]: <124004> <DBUG> |authmgr| Select server for method=Management, user=admin, essid=<>, server-group=radius-group, last_srv radius-server
authmgr[1547]: <124038> <INFO> |authmgr| Selected server <> for method=Management; user=admin, essid=<>, domain=<>, server-group=radius-group
authmgr[1547]: <124004> <DBUG> |authmgr| Timed Out to N/A
aaa[1460]: <125027> <DBUG> |aaa| mgmt-auth: admin, failure, , 0
aaa[1460]: <125024> <NOTI> |aaa| Authentication Succeeded for User admin, Logged in from x.x.x.xport 53416, Connecting to x.x.x.x port 4343 connection type HTTPS