It is a ritual spell. It lasts for 10 minutes and does not cost a spell slot.
It does if you do not cast it as a ritual:
Rituals
Certain spells have a special tag: ritual. Such a spell can be cast following the normal rules for spellcasting, or the spell can be cast as a ritual. The ritual version of a spell takes 10 minutes longer to cast than normal. It also doesn't expend a spell slot, which means the ritual version of a spell can't be cast at a higher level.
To cast a spell as a ritual, a spellcaster must have a feature that grants the ability to do so. The cleric and the druid, for example, have such a feature. The caster must also have the spell prepared or on his or her list of spells known, unless the character's ritual feature specifies otherwise, as the wizard's does.
Source:
https://www.dndbeyond.com/sources/basic-rules/spellcasting
