Because the first 25 lessons review Shormann Algebra 2, Shormann Precalculus does teach the PSAT, SAT, & ACT concepts and continues to review them throughout the course. However, there is a gap between Saxon Algebra 2 and Shormann Precalculus. A good math student can use the included prep lessons to bridge that gap. Please see Dr. Shormann's recommendation here: What should I take after Saxon Algebra 2?
While all the concepts are taught, before taking the exams, Dr. Shormann recommends spending 5-6 weeks specifically preparing for the exam. This article has detailed instructions: How to prepare for the ACT and Redesigned PSAT & SAT