Yes it's best to let the vehicle sit and the engine cool down for at least 30 to 40 minutes before adding any engine oil or before checking the engine oil.
If you wait to let the engine cool down then you'll allow the engine oil enough time to return to the oil pan so you'll get a more accurate reading and avoid overfilling the engine.
The engine doesn't need to be completely cooled down though to add engine oil as you can add engine oil while the engine is still warm but just give it enough time for the engines oil to settle to the bottom of the engine and return to the oil pan.
Add just a little oil at a time and recheck the engine oil level often to avoid overfilling the engine oil pan as overfilling the engine with oil can cause back pressure which can result in a blown engine.
If you overfill the engine with oil just a tad it's not that big of a deal but if you overfill it by a lot you need to drain the excess oil out so you don't damage the engine.