No. Approval and Exemption are both standalones. For Approvals, for example items with SP A1 or A2 must obtain the necessary approval as specified. And for Exemption, any articles or substances with a UN number and the PSN shown in bold type in the List of DG and with the word “forbidden” shown in Columns G/H, I/J an K/L, and as per DGR 2.1.2 can be exempted provided conditions of 1.2.6 are met.
This could also include UN3480 Lithium ion batteries and UN3090 Lithium metal batteries on passenger aircraft, if the shipper applied for exemption per SP A201 and the authorities granted it.