The DHCP stack in iOS does some profiling that should reliably detect whether it is, in fact, on the network that it expects. The most significant of which is the verification of the DHCP server's Ethernet address as correlated to IP.
If you are on a known network, your DHCP lease is still active, and network equipment is working as expected, all of these assumptions are safe. The most common failure scenario is where the DHCP server has lost its DHCP lease table. For many consumer routers, this will occur when the router is rebooted. If you have to reboot your router frequently, you should replace it. Even if you do encounter a failure mode, the error will clear a second or two later when a new address is negotiated via DHCP and the subsequent ARP update.
This is very clearly a trade-off. Devices like the iPhone and iPad are switched on and off very frequently. The difference between 10s to network ready and 0.3s to network ready is more than significant; it's monumental. This is especially true for devices whose use-pattern will involve frequent on-off usage.
If you're uncomfortable with this trade off, you should stay away from Apple devices. Personally, I'll take the 10s.