Yeah, you are able to recover the blown-out highlights and shadows in footage using HLG2 which is similiar as doing it in RAW files.
In order to recover the blown-out clouds in HLG2 Footage, you can use a combination of levels and curves adjustments to bring down the brightness of the blown-out highlights. This can also help bring back some of the detail that may have been lost in the highlights.
You do need to keep in mind that HLG2 is a log format that is specifically designed to capture a wider dynamic range and it will not always be possible to recover blown out highlights or shadows fully. And its also important to consider the overall look and feel of the footage and whether recovering the blown-out highlights would be appropriate for the overall style of the shoot.