NPM 7 Workspaces - Multiple node_modules?

I'm having trouble running my app with NPM 7 Workspaces. I am expecting an npm install from the root folder to create a node_modules folder for each of my workspaces, similar to Lerna. However, when I run npm install at the root, I only get one node_modules, at the root level. Is this expected?

Example structure before npm i:

.
├── package.json ->  { "workspaces": ["packages/*"] }
└── packages
    ├── a
    │   ├── index.js
    │   └── package.json
    ├── b
    │   ├── index.js
    │   └── package.json
    └── c
        ├── index.js
        └── package.json

Example structure after npm i (note only one package-lock.json/node_modules):

.
├── package.json ->  { "workspaces": ["packages/*"] }
├── **node_modules**
├── **package-lock.json**
└── packages
    ├── a
    │   ├── index.js
    │   └── package.json
    ├── b
    │   ├── index.js
    │   └── package.json
    └── c
        ├── index.js
        └── package.json

Node version: 16.4.2

NPM version: 7.18.1