No. This is a valid critique of some country's electoral systems, where large parliaments mean that a fringe party could be elected with less than 1% of the vote.
The model proposed for PEI has a natural minimum threshold of 3.7%...
In PEI's proposed system, it is impossible for a party to win a proportional seat with only 2 or 3% province-wide support (ie, if fewer than 1 in 27 people on the island support them).
The threshold for the popular support that a party must receive if they are to win their first seat is 100% divided by 27, so 3.7%.
Assuming the same high total turnout as the 2015 election, (85.9%, or 81,998 voters), a party would need the support of 3037 voters to win its first proportional seat.