Yes.
And if you rotate a long thin horizontal ImageSprite 90degrees so it's vertical, it's bounding box is still the original horizontal shape, unfortunately.
If you want to make the area that is detected as a collision more accurate, you might try one of these tricks:
Create a second invisible sprite that is centered on the target ImageSprite but smaller and closer to the average size of the image.
Keep it centered by having it track the x,y of the target sprite inside a clock Timer event block.
Use that smaller ImageSprite to detect the collisions.
-or-
Do a calculation when there is a collision to determine how far the colliding ImageSprite's edge is from the target ImageSprite and either consider it a collision or ignore it until the colliding ImageSprite reaches a minimum distance from the target Imagesprite's center.
Ball sprites work better in this regard as their circumferences are where the collision is detected, not a square bounding box so their collisions are much more accurate.
---