No. One purchase covers the application you buy it on and every application you send in the 30 days after it is paid. During those 30 days each new application is priority-flagged automatically, with nothing to click and nothing more to pay.
When the 30 days are up, new applications are no longer covered. You are offered Priority Review again after you apply, if the application qualifies, and one more purchase starts a new 30 days. Nothing renews by itself.
Applications you have already sponsored stay sponsored. Earlier purchases were sold without an end date; they now follow the same 30-day rule, counted from when each was paid.
A monthly Priority Review subscription from the earlier billing option covers each new application for as long as it is active.
Each sponsored application shows its priority status in your /applicant/applications list.
Everything we hold about you is one e-mail away, with a download and switches for each consent.