Yes and No. The Paint & Primer in one becomes a very expensive primer, and is harder to sand to achieve a smooth finish, so while it’s not the end of the world we recommend using a drywall primer instead. On new drywall, the purpose of a primer is to seal the drywall in preparation for two coats of paint. A primer like UltraSpec Primer is high-solids, and can help fill in small holes and bubbles in the drywall, plus it is easy to sand prior to painting.
Can I use it to spot prime?
If you’re patching drywall, then certainly and we do it all the time. Paint tends to dry faster than typical primer and can save you the cost of primer if you don’t already have it. Benjamin Moore Regal, and Benjamin Moore Aura are both paints that have high volume solids and dry quickly, so if you’re patching drywall with DAP or a patching compound, just put a small coat of paint on top after your patching compound has dried and let it dry. You may want to sand it after in case it puffs out a bit, and then continue painting your wall.