It could be, but it's usually a bit more nuanced than that. It's more synonymous with someone who is "contemporary," or "of the times." Like she could be someone who has a career and is up-to-date on technology but is not necessarily regarded as "hip," and doesn't do "cool" stuff.
Think about it like this, in what ways is someone a product of their time, and in what ways do they differ? As a counter example, a lot of trend-setting "hipsters" might not be considered modern because maybe like to use manual/old-timey means of production or self-sustenance, e.g., having chickens in the yard and, I don't know, making their own beer. "Hip," but not "modern." (This is, I realize, a very American version of "hip." Home-brewing might be totally common in other cultures and I wouldn't know. Here it is more likely to be an eccentric hobby.)