If replication is 600 seconds behind master will INSERT or UPDATE queries including `NOW()` be 600s different?

If slave is behind master by 600 seconds, will queries including NOW() also be 600s different?

Example:

master|mysql> INSERT INTO my_table (hash,my_time) VALUES ('foo',NOW());
### 600s later, does slave get the same query?
 slave|mysql> INSERT INTO my_table (hash,my_time) VALUES ('foo',NOW());

Will the following produce the exact same result if run on master and slave?

master|mysql> SELECT my_time FROM my_table WHERE hash = 'foo'; #2016-04-21 09:49:42
 slave|mysql> SELECT my_time FROM my_table WHERE hash = 'foo'; #????-??-?? ??:??:??

Assume SHOW SLAVE STATUS\G shows Seconds_Behind_Master: 600, that master and slave are in the same datacenter (same timezone) and slave doesn't catch up to master until after the above is completed.

If the two are 600s different, what is the best practice to use instead of NOW()?