MontyJ:

Depends on how you look at it.

The bit will cut to the depth it extends past the router base. However, you can’t cut against the wood (the bushing is in the way (this is the purpose of the bushing). To achieve a full-depth cut, you would have to cut down, into the wood first. One way to achieve this is to use a removable fixture (the bushing would push against the fixture, and cut partially into the work; upon removing the fixture, you would then be starting lower in the cut – thereby making a full-depth cut: this is abit hard to express in words.
MJCD