Yes. Buoys are there for a reason, and that one is to warn of the shoal. Never a great idea to cut inside the buoy, but smaller boats do it all the time, as the water depth is still 8-10 feet quite a ways inside it. BUT, you never know what may have got stuck on the shoal, such as a tree or other item, so go inside it at your own risk. The shoal is flat bedrock, with a few rocks and an occasional boulder (or boiler), so you might be fine at one spot and 5 feet to the left you hit a boulder. Last winter's ice may have moved boulders around, so just because it was safe last year doesn't mean it is this season. That goes for ALL shoals and shallows.