No, you would think! The centroid returns the midpoint of the line if and only if that point falls on the line, otherwise it returns the coordinates of the label point (which seems to be defined by magic:)).
I have a script that I tested on a line shaped like three sides of a square, and the centroid is not close to the midpoint of that line.
Using the midpoint function from calculate geometry does return the true midpoint coordinates of that line, but there is no Arcpy/Python property that returns that same coordinate value.