It applies to the business use percentage only.
There is nothing in the IRS language that says you cannot use the DeMinimis Safe Harbor for listed property.
You can choose to use the safe harbor method for that but if the business use percentage falls below 51% or if you sell it later, you must recapture the deduction you used to reduce your income. The taxable amount, in that scenario, would be the difference of what you would have been allowed under regular depreciation and what you actually used to expense.
Listed property used 50% or less for business would not be disqualified from the DeMinimis Safe Harbor.
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