Yes, but you need the password then. With admin priviledges you can run "as admin" without needing to know the password. The privileged account still runs programs in normal mode (unprivileged), but can launch programs with elevated permissions.
Sounds dangerous to me.
Specially dimmed background, characteristic sound, the dialog runs on a dedicated desktop i.e. you won’t see any apps nor the start menu. Also the default button is No i.e. you can’t accidentally press Yes with enter or space keys, you have to use a mouse.