No, it doesn’t mean that. It probably means your question is less common. Also, your question does not include any context on what you’re doing with the system at the time you see the error in the log.
A timeout from configuration management to the local memcached might mean one of a few things. Off the top of my head, it could mean that the system is somehow really busy or suspended/resumed (is it a laptop? is it on an overcommitted virtualized host?). It could also mean the memcached process crashed or was killed by the Linux OOM killer, which you’d be able to determine from other logs.
Can you give some more context? What are you doing at the time you see this error? What is the impact to your overall system? It may be that if you’re suspending/resuming the system or intentionally overcommitting virtualization resources, you’ll see this from time to time with no other effect.