I am under the impression that the food term "extract" is generally not very well regulated and says nothing about when or how it was extracted. At least in the US, I don't think the FDA regulates the terminology that heavily, but I may be mistaken.

I believe there are some well known flavor extracts that were chemically extracted decades ago and since have been maintained as artificial cultures in various ways (certain types of banana extracts used in candies, for instance). I don't know if truffle extract is one of them, though. I guess more accurately, I don't know if we can tell from just an ingredients list which sort of "extract" it might be, if it's a recent "fresh" extract product or some form of a longer term chemical extraction process.

(I think the US FDA, at least, does regulate what constitutes "Natural Flavorings" and so the lack of the word "natural" in packaging could be a sign, maybe.)