Engine coolant = the liquid in the cooling system. For most climates, it should be a 50/50 mix of water and antifreeze, which has a freezing point of -34 degrees Fahrenheit (-37 C).
The coolant level is the amount/volume of coolant. The level in the overflow jar* is not a reliable indicator. If you want to be sure it’s full in the engine and radiator, you need to remove the radiator cap (cold engine only!) and check it there. It should be up to the bottom of the radiator cap hole.
The antifreeze protection is the freezing point of the coolant. This is what Mom was talking about. It can be checked with a hydrometer made for that purpose, the gizmo she referred to.
I wouldn’t say the coolant “usually” get diluted. It certainly can get diluted, but only and specifically if water is added to it. If the water/antifreeze proportion is not thus altered, the antifreeze protection will not change, regardless of time or mileage.
As spingears mentioned, corrosion inhibitors in the antifreeze get used up doing their job. When the coolant reaches a certain acidity level (~pH8.5), it’s time to flush out the system and replace the coolant, with a fresh water/antifreeze mixture. “Conventional” antifreeze is typically good for about 2-3 years or 30,000 miles. Long-life antifreeze is designed to last longer, and if your car’s first recommended coolant flush/replacement is 10 yrs./120,000 miles, the factory antifreeze must be a long-life type.
It’s not a bad idea to check the coolant level, to be sure none has been lost by the type of leak that doesn’t lower the level in the overflow jar. It’s also not a bad ideal to check the antifreeze protection, as it’s always possible that it has been altered, without your realizing, during some previous service. And it can’t hurt to have the acidity of the coolant checked. But barring any specific problems along those lines, you figured right – you can leave it alone.
*An overflow jar is a reservoir outside of the pressurized cooling system – it just has a simple plastic dust cap. A surge tank is a reservoir that is part of the pressurized system, with the “radiator cap” on it rather than on the radiator itself. Most auto parts and service people don’t make the verbal distinction, calling both types a “reservoir” or “overflow jar.”