You can tell wbeard52 is a flight instructor because they relish asking head-scratcher requirement questions. ;)

This post from AskACFI gave me a very surprising answer.

The answer is No. Why? Well, because the FAA specifically says so. Not in the regulation of course (that would be too easy) but in this recently released request for interpretation on 14 CFR 61.56(D) They specifically state that:

The answer is that a successful completion of a flight instructor practical test within the preceding 24 calendar months does not automatically relieve a pilot of the requirement to complete §61.56 flight review. A flight instructor practical test is not a pilot proficiency check for a pilot certificate, rating or an operating privilege, or any other acceptable substitute for a flight review specifically listed in § 61.56(d). A flight instructor practical test is not primarily focused on piloting skills but rather on one’s instructional skills. Thus, prima facie, it does not constitute a pilot proficiency check adequate to substitute for a flight review, as specified under § 61.56(d).

There's a trick though, the post does say you can ask your Designated Examiner (DE) to give you your Biennial Flight Review (BFR) in conjunction. As long as the oral exam and practical cover an hour of flight review and ground school and your DE makes a separate endorsement in your logbook for the review.

Here's the full interp.