No, that isn't the maximum time displayed. The maximum time is 3 months (since that is all anyone can have total).
If it is the person that is on vacation now, it only shows 1 month. Don't forget, members get an additional day on the 1st and 15th of every month so the time left can change from that.
I have been playing an opponent who is using vacation time (no problem with that) but it has been stuck on 1 and a half months for ages and never seems to decrease. Is it that they might have had more than 1 and a half months of vacation time but 1 and a half months is the maximum time displayed?