Yes, but if it's not an Illustrator PDF then you have no guarantees. PDF is not meant to be an editable format, it is meant for proofing and final document distribution. That is why any changes made in Acrobat are referred to as 'touch-ups'.
If you want to edit the artwork, I strongly recommend you do it in the PDF's generating application. The OP said that '"the text of course converts to many small text lines" which is not strictly true, the text was already broken into those 'lines' at the time of the PDF's creation, again, all the more reason to edit your doc in the original app.
Of course, you may not have the original app, or even the original doc, in which case you'll have to make do. Check your 'Find Fonts' function to determine which font is causing your troubles then try replacing it with a known-good font from your system.
Good luck!
(And actually, PDF is not Illustrator's native format, .AI still is. And while AI files have much in common structurally with PDF, true AI files are not compatible. See for yourself, try opening an Illustrator document that hasn't been saved as explicitly 'PDF Compatible' in Acrobat...)
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