Depending on the spawn but yes, I would say you can. I have always played Sorcerers and I have different levels of Sorcerers in different servers on my account. Yes, its way more expensive than it used to be, and also now game mechanics for mages are more demanding but there's barely no difference and you will notice it if you go hunting. I would say you only have to set up a couple of new hotkeys and get used to it, also you can teach yourself not to rely on mana shield so much and try to learn what are the monsters and spawns you can take without mana shield, I would say pretty much everything you hunt after level 100 can be easily taken without using mana shield, unless you get full boxed in some spawns, but with enough practice learning how to lure, the amount of monsters you can take, how to kite and also learning to use the new spells that reduces the damage dealt by a creature by 10% will be helpful (You can learn it at lvl 175). Also consider playing with protection imbuements according to the spawn you're gonna hunt in, use the prey system (You can wear a defense prey if needed) and wear protective gear. That should be more than enough to keep powergaming in spawns for your level tier like Ravenous lava lurkers, Glooth Bandits, Deeper Banuta, Souleaters, etc. Practice is the only thing that will give you the ability to get used to this new utamo settings and I would say its even better since you'll see you waste way less than before, even spending a few silver tokens every know and then for this.
Good luck hunting!