I doubt it, in order to do so it would have to parse the entered SQL statement and create a new sequence.
sql="INSERT INTO myTABLE VALUES('abc',123,'xyz')"
db.SQLExecute(sql)
would have to be internally converted to
sql="INSERT INTO myTABLE VALUES(?,?,?)"
db.SQLExecute(sql,"abc",123,"xyz")
Most likely API2 does execute it as a prepared statement, but with no arguments and therefore does not change the code, and does not benefit from a “proper” prepared statement
NOTE : above syntax is for demonstration purposes, and may not represent the true syntax required