Yes, as like all Duchies, the title goes to the eldest male heir and Edward is lower in line of succession to the title than Charles and also Andrew and also of their male descendants.

It would not be a second creation of the title if it merged into the Crown when Charles becomes King but at least a fourth creation of the title if it were then to be bestowed upon Edward.

There are other, available, currently extinct Royal Duchies which could also be revived such as the Duchy of Clarence.

However given the fame and respect that the Duke of Edinburgh awards have achieved it is likely that this title would be the one that would be preserved before any other.