Yup.
You know those display ads with, say, the silhouette of a cow with the price of beef superimposed on it? One of my jobs was to check it against the copy, and if it was incorrect (or prices had changed), to compose and print a new price strip with reversed tones (white on black), wax it, cut it down with an Exacto, and paste it over the old cow. By this era, newspapers were using computers for composition but not layout, and display ads and other non-photo graphics were composed freehand using clip art and drawing.
A magazine I worked on at the same time was similar, with galleys coming off the machine (they were unstorable and uncorrectable, so if you made a typesetting error, you still had to compose a correction and print it) on a continuous roll of paper, which was waxed, cut, and pasted onto non-photo-repro blue grids with the page size marked. There was a limited selection of fonts and sizes, and you could set the leading (space between lines, referring to lead reglets that used to be inserted between lines in hot type composition) and kerning (space between letters).
For photos, you’d use a ratio wheel to determine size, typeset and paste in borders for the picture, and hope you’d gotten it right. When the galleys were ready, we’d haul them to a printer a couple of towns away.
We used a newspaper’s equipment; I don’t remember what they charged us per foot of paper, but was enough that it made good sense to make a list of corrections, type them when we estimated we had a foot’s-worth, and then wax, cut, and strip them in.
ETA: When I was in Providence, Burning Deck Press used a hot press (using type slugs and striking the imprint) for broadsides and small books, and I was terribly envious. I never quite got up the nerve to ask if they’d let me set their type.