PID calculation is done on a PLC logic scan (actually when the instruction itself is scanned). So the PID sample rate will be approximately the PID instruction's sample rate (give or take one PLC scan).
So, yes, the PLC scan time must be faster than the PID sample time.
Analog control is typically slower (e.g. temperatures don't move that fast, valves don't move that quick) than most PLC scans. If you are trying to do fast closed loop motion control in your 205, I would recommend looking at the Do-more BRX PLC, it has some built-in "registration" type capabilities (AXGEAR, AXFOLLOW, AXCAM, et. al.)