No, they don't
I'm playing my family for a few sim weeks now, and ages set as following: baby is 2 days, toddler 3, child 7 and teen 14.
She's been to boarding school from childhood onwards and didn't come back for the summer holiday, or the fall holiday, or the winter holiday. After that I took her off boarding school because I wanted to steer her in a certain direction.
Such a pity! I think they should make it that the kids come home on the holiday at 9am or something, and leave for boarding school at 9am the following morning!