No. It's the opposite. The speaker is being very derogatory to the woman. The term 'fake-baking' comes from people who are too lazy or stupid to get a real suntan in the sun, but instead go to a tanning salon to get a 'fake bake'.

Fake-bake(-ing) refers to the tan someone receives from a tanning bed at a tanning salon. The tan is considered fake because it did not come from the sun. Sometimes it can refer to a spray-on tan. Hope this helps!

I have no idea what it means, but I doubt it means hot based on context.