Strictly speaking, yes. The biggest problem I see with strength gains with dumbbells though is at the top end. I've never seen any in person over 90lbs. 2x90lbs is fine for doing presses, but for deadlifts you'll probably hit that pretty quickly. If your heaviest dumbbells are 50lbs, you'll likely be starting out at the max weight and you'll be more training endurance as 5-10 reps at 100lbs is really nothing.
Of course if you're aiming to do 25 reps fairly quickly, then dumbbells would provide the necessary resistance for quite a while longer, but for maximal strength gains you'll grow out of them quite quickly.