Yes, but often it's better to pay with money if you can find a good cheap fare for flights you want, as the award tickets might cost lots of miles or require inconvenient times and additional connections. YMMV.

Remember that award tickets don't earn MQMs/MQDs/MQSs for status next year, which if you're PM or DM, I assume would matter to you. Also, it's the status of the account from which the miles come (and not the passenger's status) at the time of the cancellation that matters in determining whether the $150 fee will be charged.