The short answer is yes. It's hard to wrap your head around the fact that LED bulbs generate heat with them wattages being so low. You can not correlate the wattage with heat. LED bulbs generate heat like halogen light bulbs do. With halogen light bulbs the heat is thrust out of the can and into the room. With LED light bulbs the heat is held inside the can.
So, if you had a piece of art that you wanted to light with either a halogen or a LED light bulb, I would recommend using an LED bulb as the heat will not be thrust upon the art like with a halogen. But if you are trying to keep a confined area cooler, one is going to be about the same as the other.