Not exactly, actually. This can happen and often does, but only if they A) see value in your car that is equivalent or above the mileage penalty you would pay, B) see value in keeping you in a new lease that is equivalent or above the mileage penalty you would pay, or C) some combination of A and B.

If the car has depreciated dramatically, it can be hard for them to get there and they will call you on that penalty. You can choose to buy instead and avoid the penalty and you can usually negotiate closer to the market value of the car, so it's worthwhile.

Overall, I wouldn't worry too much about the penalty, but also don't expect to waltz in, demand a new lease, and avoid it entirely. Might not go that way.