Does automatic list removal happen on the third bounce

In this topic it is mentioned that Historically automatic list removal is on the third bounce.

If the system removes automatically from the list (after the third bounce), and only in case the email account does not exist why would I want/need to bounce manually, and why would I need to set up this bounce account in the settings?

As the thread is bit older will it actually remove the bounced emails after third bounce in the latest version of the plugin.