Is grad school typically time-intensive? I would like to know what is graduate school supposed to be like? I started grad school for mathematics 2 months ago and I find myself studying all the time with no time for anything else (except activities of daily living). Is this typical?

Some notable advantages that I have:

I commute from school to home.
I am a U.S. citizen and obviously did not have to venture outside of home for any of my schooling.
Graduate school is an experience and like any other experience, it differs for different people.

You may or may not let your work overwhelm you. That is entirely your choice unless you have to catch up with your cohort. Time management is one of the most important skills to learn in graduate school and as I understand, it carries over to real life significantly later on.

Therefore, specifically in response to your question, your current experience is typical for certain graduate students but not all graduate students.