Yes. APR is a two-part test, and it is done by semester. The first part is whether the S-A would be eligible to compete the next semester under school and NCAA rules. The second part is whether they actually return, or graduate. These are binary yes/no questions, so an S-A who stays for the academic year can earn a total of 4 points towards the team APR, 2 per semester, assuming they return the next year or graduate.
If a 1AD player passes enough credit hours to be eligible the following year, and signs a contract to play professionally, the second semester “retention” point (returning) is waived, so the player would earn 3/3 points. If they leave without having enough credit hours to be eligible the next year had they returned, they would earn 2/4 points. Ignoring some complicating issues, these points and potential points are added for all of the scholarship team members, and the ratio is the APR.
(All of this is by memory, but I think this is roughly correct.)