Absolutely. And cold means cold. That means parked overnight and checked first thing in the morning - not mid morning, not noon, not 3pm but early in the am.
Do this test (assuming that you are parked on the street, not a temp controlled garage). If you're not going to drive the car that day, then check the tires at 6am, noon and 3pm. Remember that you'll lose a hair each time you check, but it shouldn't be significant.
Then, drive the car for about an hour on the highway and check again. That'll give you your "hot" temps.
Normally, your psi will be 4 to 6 psi higher when hot. Why is that important? Because you might have to check your tires hot so you'll want to know what the correct pressure should be.
As an aside, an underinflated tire will heat up faster (and more) than a properly inflated tire.
Okay say the average temperature is 85 F in the summer here and most mornings is in the low 70s. Does that mean when I check my "cold" tire pressure if it reads 32 I need to add more air because the warm temperature is giving them a high reading?