No, that’s not what those numbers mean. They mean that of all applicants with GPA’s below 3.5, 2.3% were accepted. (If you add up the total numbers in the “Percent Accepted” column, it is less than 35%, so obviously it doesn’t represent the class distribution).
And while it is safe to assume that the students with lower GPA’s had counter-balancing strengths as applicants, it’s just a convenient myth that they are all athletes and hooked applicants. Some may come from particularly rigorous high schools; some might fit the profile of being very lopsided in terms of academic strengths & weaknesses; some might have GPA’s brought down by a weak first year but a strong upward trend, etc. All you know from that table is that having a GPA of 3.5 or below effectively brings down chances of admission to 2.3 – but that even among those with GPA’s of 4.0, more than 9 out of 10 applicants are turned away