That is correct. Properties are just Syntax Sugar for GetValue and SetValue function pairs. I think they also had some added reflection support.
With Time Consuming Operation for a value that may not be needed, maybe a Lazy[T] would be a good tool? It might at least be clearer that Lazy Initialsiation is your intention. Between it and WeakRefrence[T], you can usually cover edge cases with Memory allocation or time consumption.
However wich code is actually executed at runtime is a bit tricky. .NET has this Feature called a "just in time" compiler, and it may or may not do all kinds of Optimsiations. It can add a temporary variable to avoid retrieving the same collection value twice. Or cut unused temporary variables. Cut out a large part of the bounds checks in a array accessor.
Inling properties is way up there, but usually this will not affect any working of it.