PC 872 has to do with a magistrate issuing a holding order on a felony charge. Can it still be reduced to a misdemeanor per PC 17? Yes, assuming it is a wobbler and a judge is agreeable.
It sounds like you're asking about a 17(b) reduction to a misdemeanor. Not all felonies are eligible for this reduction. Speak to your attorney and let them know that your eventual goal is a 17(b) reduction. With that, they can aim for a plea to a "wobbler" charge that can be later reduced.
The answer isn't necessarily in PC Section 17(b), but in the section you are being held to answer. Now that it appears to be a felony, you are in a difficult, but maybe not an impossible position since you have many legal options. You do need an experienced attorney.
Many reputable attorneys offer a free consultation. My suggestion is to contact at least one attorney soon.
The response above is not intended as legal advice since it’s impracticable to provide thorough, accurate advice based upon the query without additional details. It is highly recommended that one should seek advice from a criminal defense attorney licensed in your jurisdiction by setting up a confidential meeting. Moreover, this response does not constitute the creation of an attorney-client relationship since this message is not a confidential communication because it was posted on a public website, thereby publicly disclosing the information, which is another reason to setup a confidential meeting with an attorney.