power saving and bluetooth state

Hello dsp,
Yes.
It will enter PM2 in between the advertisements when advertising and between the connection events when connected. Read through the following documents for more information as well as the device user guide:

CC2541: AN092 -- Measuring Bluetooth Low Energy Power Consumption (Rev. A)
www.ti.com/.../swra347a.pdf

CC2640: Measuring Bluetooth Smart Power Consumption:
www.ti.com/.../swra478.pdf