No. The abrupt permittivity change at the interface of air and saturated soil causes a different period average response than would occur with the more gradual permittivity change found when the sensor rods are completely inserted in the soil.
For example, if a CS650 or a CS655 was inserted halfway into a saturated soil with a volumetric water content of 0.4, the sensor would provide a different period average and permittivity reading than if the probe was fully inserted into the same soil when it had a volumetric water content of 0.2.