Yes, if the weather favors one of the Pokemon's types it can be caught up to level 35 in the wild. I've caught a level 33 Torchic, 35 Geodude, 33 Rhyhorn, 34 Exeggcute, and, the real prize IMO, a 96% level 31 Bulbasaur, all during the "Sunny" weather effect.
It also boosts spawn rates of the types, as well as increasing likelihood of high IVs somewhat.