No, it is not. And if you fall in love and want to get married to someone on a student visa, your fiancée should not need to leave the country for a year or two to wait for paperwork to process. Which is one of the real world impacts of this change.
Stay on whatever visa you’re on -> apply for consular processing -> travel for interview -> enter on green card
So they likely have to wait out the green card process abroad unless they secure a dual-intent visa like an H-1B.
There's also 75 countries that the US has shut down consular processing for so those people may be locked out getting a green card entirely.
You could go the fiancé visa route and stay in status while waiting for the green card.
I think what this policy is trying to avoid is the blanket “you can stay while processing even if you’re not in the country legally”