Yes.
Oracle Support references:
"As per functionality we allow cancel and Finally Close actions on the requisitions that are in "In Process" status. This is because the requisition is an internal document and Cancel and Finally Close will have no difference in the treatment of the requisition after the action..." -Note:183984.1
"Purchasing lets you cancel or final close a requisition or requisition line before your manager approves it or before a buyer places it on a purchase order..." - Note:223856.1
"Cannot cancel a PO if the status of the PO is 'In Process'" - Note:99831.1
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