Yes, the jump bar is context-sensitive. It wouldn’t be particularly helpful if it showed commands that it isn’t possible to execute.
The jump bar, however, does not replace all of the popovers, so things that are done by way of entering text into the popover rather than by choosing specific menu items generally cannot be done via the jump bar. So to enter a pedal line, you should still use Shift+P, then ped and hit Return.