Content type field Default value - shouldn't it display on new content ?

I created a new content type and added a simple Text field. 
To test the Default value for new content I entered "this is the default" into the Default value field.

When I create new content shouldn't the words "this is the default" auto populate into the Text field on the create content form?

I've tried using filtered text formats but it doesn't change anything and the Text field remains blank in the new content form.

Here's what I'm seeing.

I would ideally like to use tokens in this field but unsure what I need to do to get default content in the Default value field.

This is a new install of Backdrop.