"Notifications" button shows nothing

If I have an indicator of say, 'X notifications' in the upper right (w/ a small red number on top of the icon), tapping on the button now rewards me with "You do not have any notifications yet",  like this:

Is this how it's supposed to work?

Seems it used to list the threads that it was referring to, or maybe it would go to the notifications page, but not anymore.