Yep. Anyone who can pass this test and who meets the other qualifications can get a class seat at BUD/S (on the enlisted side, officer is a lot more competitive). You won't get far at BUD/S if you can only meet the minimum but I believe they have to pass this test in order to even sign an enlistment contract with BUD/S option which could easily be 6 months or a year out from actually starting the school, so someone could conceivably meet the bare minimums and then have several more months to work and prepare themselves to actually complete the course.
From what Ive read, before you enter BUDS, you must first attend a pre selection course. Thats where scores of men get dropped if they cant do everything they will need to do in BUDS, minus the duress. Nobody gets to BUDS doing those minimums. They are to weed out guys who cant swim or bodybuilder types too heavy to do the pullups and guys who have injuries.