The question is: Does a high school graduate (already admitted to university but not yet started) count as a full-time undergraduate student?
Answer: No, they do not. From the perspective of higher education regulations and statistics, an individual only becomes a full-time undergraduate student when they have officially matriculated into their chosen program, typically by enrolling in courses, attending classes, and being considered “in-residence” at the university.
In this case, since the individual has been admitted to the university but not yet started school, they are still technically outside of the higher education system. Therefore, it is reasonable to categorize them as a high school graduate or a prospective student rather than an undergraduate student.