Sure. But if that is the intended purpose then I would think oxygenation using a skimmer or surface agitation is better, predicable and more fail-safe.
I read a couple of threads after I posted this morning and all I could determine was that some people had success directly injecting h2o2 in cyano to get rid of it. Again, to me there seems to be better means of doing this, as well.
As far as replacing ozone, I can't speak to that at all. The only application that I know of for ozone in aquariums is associated with skimmers to aid in the breakdon of organics and to clarify water. I've not used it so I can't say if HP will effectively replace it, although I doubt it will (effectively).