Yes, and the reason it's also known as "existential it".
Originally Posted by Clark
Use of existential it ...
In some American vernacular dialects, particularly in the South (including the Appalachian and Ozark mountains), speakers may pronounce it
in stressed positions, especially at the beginning of a sentence, as in Hit's cold out here!
This pronunciation is called a relic dialect feature
because it represents the retention of an older English form. In fact, hit
is the original form of the third person singular neuter pronoun and thus can be traced to the beginnings of the Old English period (c. 4491100). Read more here