There are two questions at hand. One is whether any prepositional phrase appears as a subject in any coherent clause. Another is whether the given example counts as a subjective prepositional phrase, as the textbook suggests it does.
Regarding the latter, context and intent are relevant, but they're not supplied.
We have a copular clause. English copular clauses allow subject/complement inversion: Both "the meek are blessed" and "blessèd are the meek" treat "the meek" as the subject. We can't determine what counts as the subject from the word position alone.
That's how context and intent are relevant.
A subject complement is either another reference to the subject's referent or it is a licensed attribution of the subject. The typical examples of those are called predicate nouns and predicate adjectives respectively.
When one constituent is an obvious attribution, the other must be the subject. There's no grammatical ambiguity in "blessèd are the meek".
When the complement is a substantive reference, there is an ambiguity.
You have options. You could parse "under the table" as "[the area] under the table", and claim that the subject is elliptical. You could treat "under the table" as a substantive prepositional phrase in parallel with substantive adjectives, although that might be a distinction without a difference. Alternately, you could parse "under the table" as the attribute and the topic, leaving "the place to look" as the referential subject.
Under the table is fine.
Here, we can't find any substantive reference other than "[the area] under the table". We don't have the option of regarding "under the table" as an attribution of the adjective "fine".
The textbook's example isn't a good example. It's ambiguous. Without some clearly clarifying context, we can't identify which constituent is the subject. Either could be.
However, we can find sentences that don't have any other candidate for the subject role except for some prepositional phrase (or, at least, an elliptical reference that such a phrase suggests and modifies).
Whether it is or merely indicates a subject might be a hair-splitting philosophical distinction. Sometimes a prepositional phrase is the only constituent that even comes close to filling one of those possibilities.