In theory. In practice a college can freely decided if they want to accept them or not. My school loled at AP Computer Science classes and didn't accept them for any sort of credit for anyone.
However, College Board (the company who administers these exams) sells it as "university-quality CS education" and people pay money to take them. So they sell AP CS as a college level class but my school looked at it and said "this isn't college level."
In general, I'm very skeptical of the quality of these AP exams and if AP classes are truly are college level (I didn't take any myself, my school didn't offer AP classes and I was a huge slacker in high school anyway)