No. The gift is evidence of the specified benefit, made when instructed after successful vetting; it does not waive inadmissibility. Lawful permanent residence still requires eligibility, admissibility and an available visa. Whether an overstay creates a bar, needs a waiver, or has no effect depends on your actual dates and circumstances.
Money answers a benefit question, not an admissibility question
Two different tests run in parallel. One asks whether the program's specified benefit has been met — that is where the qualifying gift does work. The other asks whether the person may be admitted at all, and it is answered from immigration history, records and law. Neither test rescues the other. Approval, timing and any later citizenship remain unguaranteed regardless of how much has been paid or given.
The Gold Card is described on the official U.S. government program page as a process involving a nonrefundable processing fee, government vetting and a gift to the United States, leading for eligible applicants to permanent residence through an existing employment-based classification subject to visa availability. The official framework is a gift-and-fee program that leads into existing employment-based immigrant categories, and the applicant must still qualify under that category and be admissible.