##In that particular example sentence, no. In general, yes.
In that particular example sentence, no. In general, yes.
The circumflex used by some authors to indicate long vowels. I prefer to use the macron: hōra versus hōrā. Some ancient inscriptions used an "apex", a diacritic similar to the modern acute: hórá.
Hōra with a short a is unambiguously nominative, "a time" or "an hour". While hōrā with a long a is unambiguously ablative, "at the time" or "in an hour".
In your example sentence, it's unambiguous that the word is hōrā, because hōra with a short a wouldn't make sense. So even without any markings, it would be read with a long ā.
But there are other situations in which long and short vowels can cause significant ambiguity. For example, a famous graffito (paraphrased):
A. B. amat, sed B. alium amat
A. loves B., but B. loves alium
In this case, the ambiguity is used for humor: alium with a short a means "another man", but ālium with a long ā means "garlic".
Or for a more risqué example:
C. anum amat
C. loves an anus
Anus with a short a (feminine, fourth declension) means "old woman", while ānus with a long ā (masculine, second declension) means the same thing it does in English.