No, the blades jettison a split second before the egress rockets pull them upwards. Very nifty idea, but not sure what the use envelope is.
According to Russian pilots and export documentation provided to interested buyers (including Egypt) the Kamov ejection system is supposedly useful down to zero/zero but in reality you should have about 100 meters altitude at a minimum to have a reasonable expectation of a safe ejection. The system is, however, capable of safely ejecting the crew at any speed the helicopter can attain from a straight hover to max forward, backwards or sideways velocity.
Because of the ejection system Russian doctrine is for Ka-50/52s to avoid operating closer than 150 meters to each other or to another rotorcraft as if the Kamov crew has to eject the blades can travel almost that far when ejected at speed.