Google's John Mueller said in Friday's Google Search Central SEO hangout that if Google does launch the Page Experience Update label/indicator, for your site to show up for it, all the requirements must be met. He said "we really need to know that all of the factors are compliant."
We saw Google testing the icon earlier and it isn't 100% that Google will end up launching the icon - but I suspect we will see them test it a lot more often up through May.
John said at the 2:09 mark into the video "I mean, the general guideline is that we would like to use these criteria to also be able to show a badge in the search results, which I think there have been some experiments happening around that. And for that, we really need to know that all of the factors are compliant. So if it's not on HTTPS, then essentially even if the rest is OK, then that wouldn't be enough."
So if you have any of the Page Experience Update metrics that don't meet the mark, you won't get the icon.
Here is what the icon test currently looks like:
Here are all the factors that need to be met:
Of course, any of this can change at any minute, even before it officially launches.
Forum discussion at Twitter.