NO
it is applicable for all real as well as to point masses.
in UNIVERSAL LAW OF GRAVITATION,
F(gravitational force)=G(universal gravitational constant)*M1(mass1)*M2(mass2)/d2(distance between the masses squared).
“THIS DISTANCE SHOULD BE TAKEN FROM CENTRE OF MASS THEORETICALLY WHERE WE ASSUME ALL MASS TO BE CONCENTRATED AT.”
“THEREFORE IT IS NOTHING LIKE IT IS ONLY APPLICABLE TO POINT MASSES WHEREAS THE CONCEPT OF POINT MASS IS USED IN PROBLEMS TO REDUCE CALCULATIONS.”
HOPE IT HELPS.