Quick google of the code sounds like the verbiage for the fault lines up with what you’re thinking.
Basically, the car knows it should take X amount of time to reach XX degrees; if it doesn’t get there in time the fault stores.
If your code reader can look at data, watch your coolant temp from a cold start and head to the highway with your heat off. Let your temp settle in. Now, turn your heater on full hot and full fan speed. If you can, shift down a gear or two. If your coolant temp now drops, It’s extremely likely your thermostat is stuck open.
When I’m at work tomorrow I’ll make sure there’s not any TSB’s or anything related to that fault that could be caused by something else.