No. The passcode is requested when I switch back to the app. The app is still running. I'm not sure how to make this any clearer. Sorry, but that's not your call. I don't mind if my son uses my phone to look something up, and I don't care if he accesses my email or text messages. But Evernote contains health information, diary entries, financial summaries, etc.
Removing the lock timeout setting was unwise. Use case: I'm reading one of my recipes in Evernote. I switch to my shopping app to add brown sugar to my cart. Then I switch back to Evernote to see what else I need. And now I have to enter my pass code again. Rinse, repeat, unusable.