If the field is of type timestamp (a PostgreSQL type) then no, it's not going to be automatically updated anyting the record is updated. It's the user's responsibility to update fields, nothing is going to happen automatically...
UPDATE <table> SET timstamp_field = 'now',int4_field=4 WHERE whatever = whatever
That'll update the timestamp field but only because you're specifically telling it to.
UPDATE <table> SET int4_fiels=4 WHERE whatever = whatever --- isn't going to ( and shouldn't) touch the timestamp field.