No, only "while the iron is hot" means exactly what it seems to mean.

Examples:

I must finish the ironing while the iron is hot.

While the iron is hot after curling your sister's hair, let me curl the hair around your face.

Idiom

The complete quotation of the idiom is 'strike while the iron is hot'. It means now is the right time to do something.

Example:

1. The company has made a good profit this year, so strike while the iron is hot to ask your boss for a raise!
2. "Strike while the iron is hot!" the father counseled his son. "You are 22 years old, with no college education, but the Army is offering a huge sign-up bonus with guaranteed training and 4 year college degree."
3. My favorite company is offering free samples worth $5,000, so I was the first one in line starting 3 days ago. 'Strike while the iron is hot,' as my grandma used to say.