yep. room temp (70F) your psi in the tank is close to 900psi...but at beer serving temps, its usually under 500psi.
gas just exerts less pressure as it gets cold...which is why warm/hot cans of soda practically explode when you open them
by the same token, the colder a liquid gets, the more CO2 it can hold, even at non-saturation levels. this means: your beer is better, especially bottled beer, if it is chilled 2-3 days before being opened. 4 hours will cool the beer, but then that colder liquid will accept more CO2 trapped int he headspace of the bottle, giving better carbonation.
a little off-topic, but its very useful information that a lot of people don't know.
Primary: English Mild
On tap: Pale Ale, Lancelot's Wheat, English Brown Ale, Steam Beer, HoovNuts IPA
Bottled: MOAM, Braggot, Raspberry Melomel, Merlot, Apfelwein, Pyment, Sweet mead, Cabernet
Gal in 2009: 27, Gal in 2010: 34, Gal in 2011: 13, Gal in 2012: 10