No
First of all that makes no sense but if you want to do it by the book then 5.1.9 says the backup gun is not in use, therefore is not in a course of fire.
The correct action is for a range official to retrieve the dropped gun and have the competitor clear it on the safe area. If it is in safe condition then re-bag and move on.
I personally would have one RO tell the competitor to ULSC, holster current handgun, and start next shooter while another remediates the dropped gun. Then allow competitor to shoot once backup gun secure.