The short answer is yes and no.

Yes, it will play audio from a DVD-A disc.

No, it will not play the high resolution 5.1 PCM audio from the DVD-Audio layer.

Basically, DVD-A discs are pressed with two layers.

One is a video-compatible DVD-Video layer that will play on ANY DVD player. The DVD-V layer will typically come with a 5.1 Dolby Digital/DTS track and a two-channel audio track. With DVD-V, that two-channel track can be either 2.0 DD/DTS, or two-channel uncompressed PCM (up to 96 kHz/24-bit resolution).

The DVD-Audio layer can only be read by DVD-A compatible players. The PS3 is NOT a DVD-A compatible player. The DVD-A layer will feature 5.1 PCM tracks with up to 96 kHz/24-bit resolution and/or two-channel PCM tracks with up to 192/24 resolution.