Yes, Talkable allows you to update UTM naming conventions.
E.g.: we can change utm_medium email to em_tbm, facebook_message to organic_soc, utm_sorce talkable to referral_program, etc.
Exception: names of share channels, like Facebook, Email cannot be changed.
One thing to remember, though, is that share links from past campaigns will retain old naming parameters, only links created after the update will reflect the changes.
UTM naming conventions can be static.