The question is, for a smooth embedding
$$f : S^3 \to S^2 \times D^3$$
one can compose the map $f$ with projection $\pi : S^2 \times D^3 \to S^2$, giving the map $\pi \circ f : S^3 \to S^2$.
Which homotopy classes of maps are realizable?
The analogous question where you vary the dimension of the disc, i.e.
$$ f : S^3 \to S^2 \times D^k $$
has immediate answers when $k \neq 3$. When $k < 3$ the answer is only the constant map, and when $k > 3$ the answer is all homotopy classes, since $S^3$ lives in the boundary of $D^k$. The $k < 3$ argument is a basic cut-and-paste topology argument, to argue that the projection must be null-homotopic.
I suspect the answer to this question exists in the literature, as you can view this as the problem of if one can "link" a linearly-embedded $S^2$ with a non-linearly embedded $S^3$ in $S^5$. But I have looked through the old Haefliger-Zeeman literature on mixed-dimensional links, without much luck. A short summary of the theory is here, written-up by Skopenkov: http://www.map.mpim-bonn.mpg.de/High_codimension_links
A closely-related MO question is on the $k=2$ case, but where you let $f$ be an immersion. This was answered positively in the comments. Hopf fibration inside the retraction of R^4 minus line -> S^2?
edit: I suppose I could add I have a suspicion the answer is at least the subgroup of index two in $\pi_3 S^2 \simeq \mathbb Z$. At present I do not see how to obstruct a generator of $\pi_3 S^2$ being realizable.