Yes. It's is a contraction of both it is and it has, and the sentence around it tells you which one is meant.
It's been a long day means it has been, and It's got four wheels means it has got.
It's been raining since noon. Here it's stands for it has, the way people shorten it when talking about how long something has been going on.
It's got two bedrooms and a small kitchen. Picture someone describing an apartment. The it's means it has got, showing what the place possesses.
One caution: it's can point to either meaning, so the sentence around it does the deciding. A quick swap test helps you sort the two out. Try replacing it's with it is: It's cold outside still works, so the meaning there is it is. Then try it has: It's got a scratch on the hood works, so the meaning there is it has. The substitution that makes the sentence work tells you which meaning it's carries.