Some hard epoxy paints can sit out of the water... but they are very rare. Ablatives, since they ablate—or wear, will expose new surface as soon as the boat starts moving, allowing them to survive being on the dry for extended periods of time.
As for your answer, yes, most hard epoxy bottom paints have a very limited time that the boat can stay out of the water after application. Do the deck, then the topsides, then the bottom. This will also help with the clean up of any drips...
If you want a hard-epoxy bottom paint that can sit out of the water for extended periods of time, I would look at C-Guard or CopperCoat, both of which are made in the UK. While they are a good deal more expensive than standard bottom paints, they are designed to work for a much longer time period. CopperCoat says they will work for 10 years or so, C-Guard is similar in their claims.
The major difference between C-Guard and CopperCoat and other hard-epoxy paints is that the latter use a copper-based biocide, which IIRC degrades with extended exposure to air. C-Guard and CopperCoat use very fine pure copper shot in an epoxy base. The copper leaches in the water and kills off the barnacles and other underwater growth, but isn't really harmed by exposure to air.
It would help if you said what kind of boat you have and where you sail, as different areas require different bottom paints, as do different use boats. A trailer sailer would be best off with an ablative, since they tend to live out of the water and are transported regularly. A larger racing boat, would be best off with a polishable hard-epoxy paint. A cruising boat could use either—but would need to be splashed soon after applying most of the hard-epoxy paints.