Usually, yes: camera firmware updates are typically full replacements, not small incremental patches, so the latest version normally includes the earlier fixes and changes. In most cases you can install the newest firmware directly without first loading each intermediate version.

The main exception is when a manufacturer requires a specific update path because one version changes the update process itself. If that applies, the maker will normally state it very clearly in the firmware notes or instructions.

So the practical advice is:

• read the release notes for the latest firmware and any warnings
• if there is no special instruction, install the latest version directly
• if updates mention bug fixes, it is generally a good idea to update
• if an update only adds something irrelevant to you, you might choose to skip it

This is not unique to Canon; the same general pattern applies to many camera makers, though you should always follow the instructions for your specific model and brand.