Is this famous phrase actually a logical fallacy?

We commonly hear people who identify themselves as sceptics use the phrase “extraordinary claims require extraordinary proof/evidence”, as quoted by one of the most famous sceptics of all time, Marcello Truzzi. Truzzi himself later recanted the ideology behind the extraordinary claims require extraordinary evidence statement.

Do you think that the phrase “extraordinary claims require extraordinary proof” is a logical fallacy, or not? Please explain why.