Yes. But the benefit of using frozen whipped topping, like Cool Whip, is that it doesn't melt as easily. It holds up well for a longer time, making the leftovers last longer. This is exactly the type of dessert where Cool Whip shines. With all of that said, you can substitute 3 cups of freshly whipped cream for an 8 ounce container of frozen whipped topping, if you'd like.