For sure! Hope this is what ur talking about. I have completed two of four requirements. When I complete the other two my Blanket COA (200 ft. Limit) will be just a COA allowing me to fly up to 500 ft. I personally was hesitant to become exempt as it would restrict how I fly but realized the sooner I'm exempt the sooner I can legally make money which is why I purchased the I1 in the first place. So basically, I'm exempt but don't get get to fly commercially from how I understand. So while I'm exempt, I'm not really! Once I spend months completing a pilot license and intend on doing so asap.
If u haven't applied for exemption, then u can fly at ur own risk breaking the current rules (until caught) which I suspect many r doing while being cautious. I can no longer do that as I have to send in my flight data each month ensuring I fly within the FAA's guide lines.