@Susan Anderson good question, and it's one that trips up a lot of people coming from generic BLE modules.
The short answer is yes, TX power is configurable across the same range regardless of which PHY you're running. The power amplifier doesn't care whether you're in 2Mbps mode or coded PHY — you can push the same output level either way. The difference in effective range between the two modes isn't about the PA being capped differently, it's about sensitivity and the coding gain you get with coded PHY. Long range mode essentially trades throughput for better receiver sensitivity and error correction, so even at identical TX power you'll get significantly more range out of it.
Where you might run into a practical ceiling is if you're trying to hit maximum throughput at 2Mbps over longer distances — the higher data rate is more susceptible to noise and path loss, so cranking TX power helps but only gets you so far before the link degrades. For a tracker project specifically, if you're prioritizing range over update rate, coded PHY at 1M or S8 is going to serve you better even though the throughput drops. If you need fast position updates over shorter distances, 2Mbps with full TX power is totally viable.
What kind of update rate are you targeting and over what distance? That'll help narrow down which mode actually makes sense for your use case.
