Yes—one monolight can cover both looks if you shape the light differently.

For flat, even lighting on books or printed work, place the shoot-through umbrella centered above or just slightly in front of the subject and shoot from the centerline. That setup gives broad, copier-like illumination. A white board, white wall, or simple reflector on the opposite side can help even things out further.

For small products, a light tent or diffusion setup can also work well: put the light outside the tent and use a reflector or even a household mirror on the other side to bounce light back in. Plain white fabric or sheets can work as low-cost diffusion.

For harder shadows, the umbrella is less ideal because it softens the light. You can make shadows harder by moving the umbrella farther away, and use a white wall or white board nearby for mild fill.

So: for evenly lit portfolio shots, yes, one light plus reflector/diffusion is workable. For harder-edged product shadows, you can still do it, but you’ll need to reduce the softness of the umbrella setup.