That depends. If you assume "Cold Load Design", then, yes - the hanger is designed to balance the weight in the cold position.
Typically, though, the hanger is designed to balance the deadweight load in the operating position. In this case, the theoretical cold load is that weight load you already have plus the thermal growth at that point times the hanger stiffness. If the pipe grows up, the theoretical cold load is greater than the hot load.
_________________________
Dave Diehl