Yes, but with the Bishop fianchettoed on the opposite flank, on b7 instead of g7, the lever move c7-c5 in the Owen's is not "the corresponding move" to the lever move c7-c5 in the Modern.
In the Modern, the move c7-c5 gives you a converging attack on the same center Pawn that the Bishop has taken under fire. The "corresponding move" in the Owen's would be f7-f5.
Please note the use of word "corresponding" in my post above.
In the Modern defense, Black's c7-c5 lever move gives excellent counterplay in several variations (such as some of the Bg5 variations, which are specifically directed against Black's alternative e7-e5 Pawn break).
In the Owen's Defense, the corresponding lever move f7-f5 is a bit trappy but frankly idiotic.
c7-c5 is the main lever in the Owen's as well, no? According to the chess.com database, this is the main line: