No, the entire point of the hot key functionality is that the event is swallowed by the app that registers the key.
You want a global event monitor, which allows you to observe key events going anywhere else in the system, but not to affect them.
[NSEvent addGlobalMonitorForEventsMatchingMask:NSKeyUpMask
handler:^(NSEvent * event){
// See if the key is the one you want and act on it.
}];