Does the game "model" hot and cold streaks?
 

So the game indicates when someone is "hot" or "cold". What I am unclear about is whether when someone is rated "hot" do they get a temporary stat boost (and a temporary stat drop when they are cold) or is that just some kind of indication when the "dice rolls" have been going against them, so-to-speak?

From what I have read about the subject the hot/cold icon only indicates what they've done recently. It does not change their ratings any. I could be wrong, but I'm pretty sure I'm not. There may be a hidden modifier, but I haven't been able to find evidence of such.

I'm also pretty sure such things aren't actively modelled and just illustrate who the RNG is liking lately.