If no one else in their categories has no World Standings points, yes, like Shen/Zhao did for the SP in the 2010 Olympics. If there is another skater with no Worlds Standings points, then all the skaters with no Worlds Standings points would be in a draw for the first number of spots as there are skaters without Worlds Standings points.
This is very rare for the Olympics, given how few spots there are, but if a country has two spots, and skater #2 was able to gain the TES total minimum, but not WS earn points, it's possible. (ex: new to seniors and coming back from injury; last minute un-retirement because there's a spot open.) That could happen if they earned the minimum at an international, but still didn't place in the Top 5, or if they participated in an event that didn't qualify for WS points: you only need two competitors from two members -- the definition of an international competition -- to be able to earn the TES minimums, while to earn WS points, for singles, you need eight skaters from four members. (With all other requirements met, including the credentials and makeup of the judges and tech panels.)