Ok…Let’s start with some basic assumptions. You’re anchoring into concrete; you’re dealing with wind and not seismic; it’s a commercial building in the US—say RCII—with a target useful service life of 50 years. Right?
The anchor needs to resist all the loads that we expect it to see. We expect it to see service-level wind loads (10+ year MRI) and, with some small probability, ultimate (or strength) -level wind loads (700 year MRI).
We do service-level analysis for serviceability criteria, like member deflections and building drift and such. Anchorages into concrete are important; we want the building to stay put, so movement at the anchor is generally not tolerated. If your anchor fails at ultimate loads, then it could mean that the whole building comes down, absent redundancy. We know for a fact that connections are failure-critical elements. For these reasons and more, it should be clear that the anchorage needs to be designed for ultimate loads.
To answer your original question: no, an engineer is not allowed to under-design an anchor.