So no.

One of the beauties of Erlang's hot code loading is the ability to migrate internal application state. An example:

I'm storing a lookup table going from key to value as a tuple {key, value}. With a change going out, I'm going to start doing {key, {value, other-value}}. In Erlang there's an easy pattern in place to do that. Just provide a function that goes from {key, value} to {key, {value, sensible-default}} and as part of the code reloading process that function will be run before the new code starts executing.