Correct, hot wire places an electrical current through the wire to preheat it as it's entering the puddle. This is done to allow higher deposition rates with lower arc energy than possible with cold wire. I would not locate "hot wire" in the "mode of transfer" field of a WPS, I would state it in the process field "GTAW-HW" or similar.
As an aside, since most of what I work with is hot wire GTAW, if you get a chance to run it, or see it run, do so. Very powerful tool to have in the welding engineering toolbox.