Yes, you can use whipping cream when a recipe calls for heavy cream. However, I wouldn’t use shelf stable cream at all. Ultra-pasteurizing gives cream a grainy texture and a chalky flavor.
One of the few products I like at Trader Joe’s is the cream that is pasteurized, not ultra-pasteurized. It has a sweet, clean flavor and a lovely texture. I use it to make homemade caramels in addition to using it whenever I want whipped cream. Warning, it has a short shelf life.