No if you want to do that you need to use XP2+ in normal c41, OK from 50-800 ISO.
While XP2 is a film that Ilford advertises this fact about, it is far from the only film that that is possible with. For 400 speed films I use the 50-800 EI range all the time with HP5, Delta 400, and Tmax 400 and all in normal development. I've yet to find a 400 speed negative film this won't work with.
This simply exploits the natural latitude inherent in negative film.
Stand for 60 minutes 1:100 20C Rodinal gives you high contrast and good toe speed in most films.
Normal ISO!
As I understand it, the thought behind stand development is that it gives more time for the shadows to develop where the developer stays strong (which pack more detail on the toe, also known as contrast compression), develops mid tones to normal contrast, and then the developer exhausts in the highlight areas (compressing the highlights on the curve). It is intended to make printing easy without burn or dodge
The glaring problem with this theory in my head is that to utilize these "advantages" well in an easy straight print; three exposure values have to land perfectly on the paper. To do that camera exposure would have to be a near perfect hit to place compressed toe tones, mid-tones, and compressed highlights. Exposure variances would accentuate the tone compression (and muddiness) at either end when printed.
Conversely normal development with a long straight line full of well separated tones would possibly require more burn and dodge to print but have more separation of tones/contrast/snappines and more latitude. On a straight print normally developed films may appear to lack highlight detail, the reality though is normally that they just need burning in.
If you overexpose two stops you will likely have burnt highlights.
If you underexpose two stops you won't have shadow details.
It is not like setting auto ISO.
I agree that reducing camera exposure by 2 stops will affect how much shadow detail can be printed, one should know their limits, on the extra exposure side though with say HP5 or Tmax 400 I have no reservations about shooting 4-6 stops over if needed; EI 25, 12, 6. There's plenty of head room for most shots on most negative films and especially in the 400 ISO range.
All you gain is you can put eight different films in the same multi tank!
And that is a significant benefit for many of us. When shooting any C-41 film there is rarely any thought given to "how" to develop the film, every film gets the same treatment 3:15 at 100f, constant agitation. That is way cool.