I was considering,
$$-1 \leq \cos\left(\theta - \frac{\pi}{4} \right) \leq1 $$
Can I do this?
$$2^{-1}\leq 2^{\cos\left(\theta - \frac{\pi}{4} \right)} \leq 2^1 $$
And further, Can I multiply with $\frac{1}{\sqrt{2}}$ in the powers of this inequality, that is
$$2^{\frac{-1}{\sqrt{2}}}\leq 2^{\frac{\cos\left(\theta - \frac{\pi}{4} \right)}{\sqrt{2}}} \leq 2^{\frac{1}{\sqrt{2}}} $$
I found that the above result is correct.
But, I am wondering, Am I allowed to do this in any case, like changing bases to "ANYTHING" and multiplying with "ANYTHING" in the powers of an inequality?
Not quite anything. One of the reasons why this works is because the map $x\mapsto2^x$ is increasing and therefore $a\leqslant b\implies2^a\leqslant2^b$. Furthermore, if $\lambda,c>0$,$$a\leqslant b\implies\lambda a\leqslant\lambda b\implies c^{\lambda a}\leqslant c^{\lambda b}.$$