Absolutely. Was shaping/sculpting two panels with it last night and I like to grab by the back for that. It gets HOT. If you grab by the handle or head, you're fine. The motor is in the back with a belt connecting to the head. While I don't know what it looks like inside (and am too lazy to pull up EKAT), it would have been cool, so to speak, to put fan fins on the motor's pulley so it could circulate air and get some of the heat out.
Oh, yeah, but in short, yes, it gets very hot with prolonged use. Doesn't help that my shop was 104º at the time...