Yep! Tons of Teensy development on Fedora and I haven't run into any issues with it.
I have nothing bad to say about Ubuntu and I've done lot's of development in a Debian environment as well. As with most things, it's all about user preference and I ended up liking the Fedora experience the most out of the distributions I've used; although, I still work a lot with Debian and Ubuntu for different development situations (mostly in VM's now, it's easier to cross compile for embedded Debian targets from a Debian host) and find them easy enough to work with.