Yes and no. Here's a list of what can and cannot be updated.
What you can change:
Add/remove members-only content.
The name of the membership.
Which email domains are able to sign up.
Any page redirects (after signup, login, or logout).
The setup fee.
What you cannot change:
If the membership is free or paid.
Keywords: edit a live membership, edit a paid membership, edit an active membership, etc.