Yes. Edea actually received Ultimecia's powers at the end of FFVII, and bear in mind Ultimecia gave Edea her powers literally after she died.
Although it is important to note that it is possible that without the neccessary experience or maybe control over powers, you cannot fully utilize it.
For example, although Rinoa received Adel's power, she does not have the experience or control to be as powerful as Adel.
Ultimecia on the other hand, is an incredibly experienced and powerful Sorceress, only second to The Great Hyne, who is basically God.