No that wouldn’t be correct.
PO2 refers to the effect of oxygen in comparison to what it would be at the surface. Pure or 100% O2 is toxic even at the surface however the time until it toxic effect if felt on the surface if much longer in comparison then under the pressure of say 4 atmospheres. At that pressure the effect would be felt 4 times faster. That is why when we consider a dive profile using Nitrox we may not want a higher oxygen level at greater depth even though it would limit the nitrogen uptake it would increase our PO2 and the danger of convulsions from oxygen toxic shock. So 100% oxygen become toxic underwater as relatively shallow depths regardless of the delivery pressure which needs to be at least as much as the water pressure from that depth.