Yes - it seems to be more of a modern car procedure to check the oil level when the engine is hot, but as mentioned, always leave 5-10 mins for the oil to drain back to the sump first.
I remember back in the day, oil used to almost have the consistency of treacle, I still remember the 'Castrol GTX' Liquid Engineering adverts! Seemed then, the best way to measure oil was for the engine to be stone cold, but now modern day oils are almost water thin!