Sort of 
Legally, that’s exactly what the regulations say. See also my previous diagram here, the 50m horizontal separation to people applies whether you are in A2 (holding an A2 CofC certificate) or in A3 (without one). The only difference between those is that if you think it’s an industrial area, the A2 CofC lets you fly within it.
However the over-riding principle still applies that you must not endanger anyone. The CAA provide advice in CAP722 (page 42) (which you’re likely to get told about if you do A2 CofC training) that you shouldn’t fly any closer to uninvolved people than your height above the surface i.e. if you’re at 100m height, you should stay 100m away. This is the so-called 1:1 rule. It’s not legally binding, but if something went wrong, complying with it would no doubt be a point in your favour.
If you want an added complication (and I think you probably don’t), members of the model aircraft associations (BMFA, FPV(UK) etc) now have permission to fly closer to uninvolved people, down to 30m and even including flying overhead, but only in areas which are not residential, commercial or industrial. So you’d be back to that basic question again.