In theory, yes. If you're creating an online banking application, you'll want to look into this. If the info is non-critical, then a session ID is probably fairly safe.
The difference between sessions and cookies is that, with a cookie, user info is stored locally on the users computer. Some companies ran into trouble because they used simple cookies for shopping applications. Clever users soon realized that they could just manipulate the cookies to change the prices. Shopping applications are not usually that stupid these days.
Sessions only store the ID locally, or even not at all if you use a URL parameter and supress cookies. This ID can be hijacked unless you use SSL.
That's about as much as I know.
HTH
Norm