Yes. As stated above the clearance is generally built into the piston.

Shelf .030 over 440 pistons would be more accurately described as "for use in a 4.350 bore" and will measure smaller than 4.350.

Lets say .005 clearance was specified....then the piston should measure 4.345 at the prescribed measuring point.
The measurement point is usually described in context with the wrist pin location and can vary somewhat.