I believe 2oz of cryo hop powder is the same as using 4 oz of pellets. Is that correct?
– Short answer: Yes
You would still want to calculate out your bitterness level. Also it seems to be common practice to use the CRYO hops early in the boil and not to dry hop. I got some CRYO Mosaic from NHC and coupled them with T90 hops in an all Mosaic Pale Ale, no discernible difference from making the same recipe with all T90 Hops.