No, it does not matter.
The sensors are interchangeable and can be installed on either the hot or cold water line.
Important
When disconnecting your hot and cold water supply hoses:
Make sure you reconnect each hose to the correct angle stop
Confirm the hot hose goes back to the hot valve
Confirm the cold hose goes back to the cold valve
If the hoses are reversed, your hot water will run cold and your cold water will run hot.