When I started flying commercially it was company procedure to specifically request a CAT2 ILS and obtain that clearance before commencing descend below CAT1 minimums. Obviously you would get this clearance before starting the approach at all. However in recent days it is no longer required to get the "Cleared ILS CAT2 approach" to actually do the CAT2 approach in LV weather. The ATIS statement of LVP in force includes as stated previously that the ILS sensitive area is cleared, the number of A/C movements on ground is reduced and that the separation between airborn A/C's are increased to cater for CAT2 & 3 approaches. ATC doesn't care weather you descend to 200, 100 or 50' feet on the ILS before making a Go-Around. As long as the LVP is in force you as a pilot can be sure that adequate? separation is provided so that you can make the approach.
So the answer to your question is YES!