No, not if I knew that I had correctly set the tire pressure for the prevailing daily average temperature.
For example, let's say that the average daytime temperature where I am riding is 22°C (72°F), but when I wake up in the morning and go out to the bike, the bike is cold-soaked from sitting overnight and the air temperature is 10°C (50°F). The previous day, I had inflated the tires to 42 PSI (let's assume the tires are perfect and don't leak). If I measure the pressure first thing that cold morning, it's going to be lower than 42 PSI - perhaps 39 PSI. I would not add air because as soon as I start riding, the tire pressure is going to rise by about 4 PSI due to heat generated by the tire flexing.
Come noon hour, the prevailing air temperature has risen to the forecast daily high of 22°C (72°F), and I'm hungry, so I pull off the highway at a nice restaurant. If I was to measure the pressure at that moment, it would probably be about 46 PSI. But when I return to the bike after a leisurely 1 hour long lunch, the tires and wheels will have cooled down to match the ambient temperature of 22°C (72°F), and if I was to then measure the pressure, it would be bang on specification at 42 PSI.
My experience has been that altitude doesn't have much of an effect on tire pressure - for example, riding from central Switzerland at 1,200 foot elevations up into the mountains at 4,000 foot elevations - although increasing altitude should result in increasing tire pressure because the pressure inside the tire is differential to ambient pressure. But, significant ambient temperature changes (think summer to fall, or riding from Arizona up to northern Canada in late summer) will result in a 3 or 4 PSI difference in measured tire pressure.
The short answer: if the tires were perfect and never leaked, I would adjust pressure spring to summer, and summer to fall in order to maintain the target of 42 PSI, but I would not adjust pressure on a daily basis due to daily temperature variations.
Michael
PS: An interesting anecdote - before I retired, one of the jobs I had to do at work was deliver brand new aircraft to customers. If the customer was in Europe, Africa, or the Middle East, I would fly a polar route from Vancouver Island to the destination. The first few times I did this, I left Vancouver Island (typical temperature 22°C (72°F) most months of the year) and flew up to the high Arctic the first day, where sometimes the night-time temperature would drop as low as -20°C (-4°F). Every time I did this, I would arrive at the airport in the morning and the damn plane would have two flat main tires.
Finally, after the 3rd time this happened, I figured out what the cause was: the wheel was aluminum, but the valve stem was steel. The aluminum wheel and the steel valve stem cooled and contracted at different speeds, and the tires kept going flat due to leakage at the valve stem. The solution was to tell the Quality Control guys in the factory to tighten the nut holding the valve stem in place to a slightly higher torque than the manufacturer specified - this increased the compression on the rubber washers on the valve stem, and put an end to the "flat tires in the morning in the Arctic" problem. It ain't no fun to try to thaw out and then re-inflate a frozen flat tire!
I also learned to inflate the main wheel tires to about 10 PSI over specified pressure before I left Vancouver Island, in order to ensure the tires were at specified pressure when I transited through the Canadian Arctic and Greenland in the winter.
Darn Temperature Differences...
(the orange blanket is around the tire because I was using a Herman Nelson heater to try and thaw out the tire so I could re-inflate it)
