Yes, of course, if foreign quota is still available a condo held in Thai name can be purchased in foreign quota. I think you will find, though, that in places like Pattaya with high concentrations of foreigners, a number of the most desirable condo projects popular with foreigners no longer have foreign quota available. So, the 'scenario' comes into play fairly often here.
The situation can be different in other areas, including Bangkok. When my spouse and I bought our Bangkok condo it was in a very desirable center city project steps away from an MRT station. But, its location and quality also appealed to plenty of Thai buyers, as well, and when we bought the re-sale in 2019 there was lots of foreign quota still available. Since the project opened in 2013 and there was still FQ available in abundance in 2019, this project will likely not run out of FQ anytime soon.