Yes, you can with a CanvasItemMaterial. By default, there are 4 options. Mix is the standard mode, when you change the opacity/alpha it will allow transparent overlays (like layers in Photoshop/GIMP). You can also use Add, Subtract, and Multiply. If you need more complex filters like Burn or Dodge, then you would have to write a canvas_item shader. The algorithms for the Photoshop/GIMP filters are fairly easy to find if you look online and not that complex.
