Yes. You can. As you know, the owner of the team license will occupy a user as default. If you as the owner do not need to use the license, you may click Edit and then Uncheck the plan and click Submit. It will release a usable user and you may assign this license to another user of your team.
(Note: To demonstrate the process clearly, we did not hide the email in the picture but it is not from any actual user.)
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