No, white clothing does reflect more heat than black clothing. However the answer to which is better to wear in hot weather is "it's complicated", the TL;DR is that for tight clothes white is better, for loose clothing black and white are the same.

So the fit of the clothing is actually more important than the colour. However, if you are going to be wearing tight-fitting clothing, then stick with white. Fabrics with texture – such as seersucker or pique, a fabric often used in sports polo shirts – also help to lift clothing off your skin, rather than staying snug and tight-fitting.