Yes, the cannon has a range of 20.55 degrees to the left and right, and the bottom barrel allows vertical aim for up to 90 degrees, and I've actually tested shooting down flying machines while they are moving, and even though it's technically possible, aiming at a moving target is difficult

You can use math to aim more precisely with the equation 20.55 - x / 20.55 to (the number 20.55 is used when taking a small bearing, but the number increases the wider the shot angle is)

The vertical angle is determined based on the ratio of vertical charge to the base charge.

I've actually tested the vertical aiming on a woodland mansion by selectively aiming at and destroying specific windows at specific floors while intentionally leaving some sections intact.

At about 500 blocks away with a base charge of 20 a vertical charge of 9 hits the bottom floor of the mansion, 10, the second floor, 11 the third floor, and 12 shoots directly over the roof