Yes. The [P] sign indicates that this area is intended for parking, and that outside of the hours specified in fee-sign, parking is free.
In the case where the default is "no parking", the top sign will be a dashed or crossed red circle (the first meaning you can stop to let people off but not park, the other meaning that you can not stop there for any reason). There can then be a sign below it that specifies times when parking is allowed.
In the case where the default is "no parking", the top sign will be a dashed or crossed red circle (the first meaning you can stop to let people off but not park, the other meaning that you can not stop there for any reason). There can then be a sign below it that specifies times when parking is allowed.