But that is a myth obviously, as there are no hot or cold machine, still base on RNG and luck and so even if you played those machines are are supposedly hot, it's not a guarantee that the you are going to hit the jackpot.
There is a bit of truth there.
Older machine were not sycned to a server so they had their individual RTP, a machine that has randomly gone from it's designed 95% RTP to close to something as low as 30-40% due to a random series of events can in theory return more to the players over the next thousands or ten of thosunds of rounds.
The problem is that you need to know the actual sums of the cycle, not just how much the last few guys have lost on it, and you need to have a huge enough bankroll to deal with not just a few tens of spins but thousands, while probability will correct that RTP.
There are cases of technicians who have used that to their advantage while doing maintenance signaling to their accomplice's machines who are due to hard variance corrections. But it's risky from all angles. But how things work nowadays and how machines are synced there is no longer possible to exploit this.