Nope, that's wrong. Canon Log 2 uses video levels, not full range. This is easy to verify by shooting a black frame. Black comes in around code value 95, which is 3.54% only when interpreted as video values. And Canon Log 2 does use color values below 10-bit code value of 95. That's how it encodes negative linear reflection values, which result from out-of-gamut colors. This too is easy to verify, and it's independent of whether you interpret the video as video levels or full range. Shoot a black frame and note the black level. Then shoot some highly saturated colors, and you will see color values in one or two of the color channels falling below the black level. The Canon Log 2 EOTF explicitly handles 10-bit code values below 95. Check Canon's "Input Transform Version 201612 for EOS C300 Mark II" and you'll see what they're doing.You need to go to the clip in the media pool, right click, go to Clip Attributes, and se the range to Full Range instead of "Auto" which interprets it incorrectly at Video levels.
Canon Log 2 shouldn't have any luma values lower than 96.