No. The base game typically costs a one time fee and then you can play most of the zones and all quests within. All endgame stuff. No level restriction.
You can buy a few extensions for a one time price to get new zones (with full stories etc).
And you can subscribe monthly for unlimited crafting storage and a few other perks (double bank space, double customization slots in houses, etc).
I might not recall this correctly but doesn't the base game include everything except the latest chapter and ESO+ give you all DLCs except the latest chapter?
Anyways, the amount of content is enormous. And the game itself is so good that I think if someone starts playing they will probably decide to buy the latest chapter too. With that amount of content they can easily wait for it to be on sale.
It didn’t for me when I tried it a few months ago. I bought the base game on sale for $5. It allowed me max level and access to the base game and zones but all DLC zones were locked out as well as a few classes were locked out.