Yes. Hydraulics will get too hot to touch during operation, but the key fluid temp is 180 degrees. The fluid can handle more heat than that, although it will degrade more quickly the higher the heat, but the seals in most components start to break down at 180 degrees or above.
Unfortunately, there isn't a fluid temp gauge for the hydros from the factory. I have a test setup that I attach via the Power Beyond, but I don't use it while working since it's a test setup. Something that has been pretty close to the temp gauge is an infrared on the back of the hydraulic pump. From my tests, it was within a few degrees of what the temp probe said so it would be a decent substitute if you really want to know your fluid temp and not invest in the effort and cost of adding a probe. If you start to notice that performance is degrading...like it won't go as fast or lift as... much depending on your application, it's likely that you fluid has gotten too hot and needs a break.