The short answer is no, unless it is a pop3 account which I would say is unlikely. Hotmail is web based mail viewed over your browser, of can be downloaded in OE or MS Outlook email but it doesn't use the pop3 protocol to do this.
If viewed vial your browser, the web shield would monitor it.
I would not only recommend that you keep the Internet Mail provider enabled but set its sensitivity to High. The reason for this is there are a number of trojan spambots that can use your system to send out spam, with the Internet Mail provider set to High it can detect multiple identical identical emails in a period of time. This may be the first indication that you have an undetected spambot on your system.
Keeping the Internet Mail provider enabled, set, to High will use minimal resources as it won't be scanning anything unless the situation mentioned above occurs.
