Yes. You can even go to both water parks on the same day (this consumes two WPF&M "entries"), which is something you can't do with major gate admissions.
A legit day could be:
AM EMH at Magic Kingdom
Typhoon Lagoon or Blizzard Beach for the early-mid afternoon
Disney Quest for the late afternoon-early evening
Back to Magic Kingdom for Spectromagic and Wishes
That would consume 1 park admission and 2 WPF&M admissions.
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