Based on python documentation about operator precedence :
Note that comparisons, membership tests, and identity tests, all have the same precedence and have a left-to-right chaining feature as described in the Comparisons section.
So actually you have a chained statement like following :
>>> (True is False) and (False==False)
False
You can assume that the central object will be shared between 2 operations and other objects (False in this case).
And note that its also true for all Comparisons, including membership tests and identity tests operations which are following operands :
in, not in, is, is not, <, <=, >, >=, !=, ==
Example :
>>> 1 in [1,2] == True
False