Yes, but what they hope to gain from it I will never understand. Ofsted's purpose is to inspect and make a judgement on everyday stuff that's going on in the school. And while certain procedures shouldn't change (e.g. the behaviour system and its implementation, and tracking of data) others will very much be skewed by the time of year, including attendance, behaviour and everyday teaching and learning.
That's not even down to people having a lazy week in the last week or so of term and just putting on films. Quite rightly, the curriculum will have finished for the year in subjects after the last bit of data collection is in, so monitoring teaching and learning according to that will be difficult. Many students will have started taking books home (less so in primaries, but definitely in secondaries), so then the only ones left to show are those of kids who couldn't care less.
Staff are unusually tired, kids are emotionally wound up, either by lack of everyday routines due to rewards ceremonies/ trips/ end of year activities, by the weather, by going on holiday soon or by the sheer prospect of spending 6 weeks at home without the relief school can bring for some.
All of this will, inevitably, make the school look worse. "Why exactly are you doing a lesson on this right now?" "Because we've finished everything we needed to and I still have 2 lessons left to somehow fill while keeping behaviour under control despite this" doesn't quite cut it.