Well, sort of.
Not particularly. At least not really for the cooling effect.
Cooling works by mixing hot air with cold air. Heat is transferred from CPU and GPU, via heat sinks, towards the internal fans. Those push cooler, room temperature air through the heat sink, where the heat mixes, and achieves the cooling effect.
Make sure the intakes for the internal fans are unobstructed, as well as the exhausts. In case of any laptop, slightly raising the back side of the laptop can lower the internal temperature by several degrees, as well as lower the fan noise.
Cooling pads, in general, blow room temperature air, at the bottom plastic of the laptop, which isn’t that much hotter than the room temperature (it can’t be, due to safety standards and tends to be decently isolated from the hot components).
Cooling pad can bring down the heat somehow, but it is achieved also partially by ensuring the previous point – that the laptop is elevated and the intakes have enough room for air to reach the fans in high enough volume.
In some cases, blowing cooler room temperature air on the intakes can ease the workload on the internal fans. The issue is, that the point of the cooling stand is to cool down the laptop, so the temperature and noise get lower. Usually, the overall noise gets just as loud due to the added fans, and temperature drops by few degrees at most. In the end, usually not worth it at all.
A good laptop stand, that raises the laptop to your eye level, while also promoting better airflow. Cooling pad might be worth it, if you intend to use the laptop on bed and just need a flat surface to place it on.
If you have a 3D printer there are options. One example is for Lenovo Legions
The ULTIMATE Laptop Cooling Comparison - Pad vs Vacuum vs Stand, March 2020 by Jarrod's Tech
— m164