Yes, since all outputs are active all the time, you can get HDMI audio with component video. However, component video does not use Qdeo video processing, and have a resolution limitation of 480p/576p for DVD and 1080i for Blu-rays.
From the manual:
When the “Primary Output” option in the “Video Setup” section of the Setup menu is set to
“HDMI 1” or “HDMI 2” (see page 52 for details), the component video connection will not output
video when playing a Blu-ray Disc with 1080p 24Hz content, or will only output video with a low
resolution (480i/576i) when playing a DVD. This is not a malfunction. You must set “Primary
Output” to “Analog” in order to properly use the component video connection.
• When playing a Blu-ray Disc, video resolution over the component output can be up to 1080i.
1080p content will be interlaced into 1080i signal for the component output.
• Video up-conversion over the component output is only available for unencrypted discs such as
home video and consumer-created contents. Most commercially pressed DVD discs are CSSencrypted
and will be limited to 480i/480p resolution. This restriction applies to the component
output only. The HDMI output is protected with HDCP and has no such restriction.