That is indeed the long term plan. Tho first we'll release VRMark which is designed for "lowest common denominator in VR", so, DX11 - but that is a separate product, not part of 3DMark.
Some background on Time Spy;
- Initially Time Spy was targeted for launch late 2015 / early 2016. Back then the market share of graphics cards that could actually support FL12 was.. umm... "limited". Unfortunately both maturity of DX12 drivers and some really complex issues in implementing a brand new DX12 engine delayed it considerably. Patching a benchmark workload after the fact is really really really bad, so we rather take the time to do it right.
- Average consumers take it REALLY badly if a new benchmark says "you can't run it on your brand new (well, 3 year old) system because of X". This also directed to supporting FL11. On CPU test we took a "bold step" of requiring SSSE3 and.. uuh.. I've apologized today already to four customers that no, their Phenom II or Opteron can't run the test.

- A FL12 benchmark with fallbacks to FL11 would not really be feasible - it would basically be two separate benchmarks. FL12 adds some interesting features and fully exploiting those would take a dedicated approach.
- Pretty much all games target DX12 FL11 and even there most current game engines are doing DX12 in a way that is "oh we just ported our DX11 code". Time Spy is at least taking one step further with an engine developed from the ground up 'the DX12 way' (which is one of the reasons why it took a while - oh the tales our engine team could tell of DX12 features where spec says one thing and driver implementations do... other things. A phrase "What? Nobody is doing it like this" is something that was told to us by driver developers more than once...).
So I'd say Time Spy is a legit tool that will reflect how games could perform when a pure DX12 engine targets the most widely used hardware base (ie, DX12 FL11). Yes, some newest cards could use code paths for FL12 and I'm sure some games will offer those, but the pool of compatible hardware is still very small. This is, after all, our first full blown DX12 benchmark, so have to start from the obvious first step.