Yes. We didn�t look too hard at this, because DD has both strong SAT2 and AP score. But it varies a lot by school. For her choices, AP was the data point most used, but as I mentioned, there were also department-specific tests in places too, and often either/or seemed ok.
Where DD ended up, there was no credit given, though, just placing out of required classes (foreign language) or placing higher in a sequence or into honors (sciences) or compacted/accelerated classes (math). Though the more she talks with friends at different colleges, I suspect her college is particularly picky on this; as I mentioned, we know several kids who had similar hs coursework who matriculated as sophomore. The foreign language thing varies a lot, too- her college places a lot of emphasis on foreign language competency, so it�s not that common to completely place out, the bar is relatively high. And they don�t accept things like Latin, or computer science as a foreign language, as I have read some places do.