Can the network owner of a part make changes to that part locally and have those changes replicate?

I've been reading up on Network Ownership lately, and I know that the network owner of a part is the machine that simulates that part's physics.

My question is, if I set the network owner of something to a player, will that player be able to control that object in a local script and have it replicate?

For example, if I have a cannon and set the network owner to the player controlling the cannon, can that cannon be completely controlled by that player in a local script despite filtering enabled because they are the network owner?

Short answer: Yes. This allows for exploiting and users sending bad data to the server.

Long answer: Quenty's article.