Pretty much. On the range or in combat, "hot" means you will be using weapons on your pass. If you're on the range the range controller will tell you you're "cleared hot" and then you make your run. In a real combat situation where you're doing close air support, you will tell the ground troops you're "rolling in hot" and make your pass.
Thanks. Now that you have jogged my memory in the meaning of "hot", I have heard that but it's been a loooong time since I went to the range. (and not very much even then) :)