Yes. The simplest test is to turn your pinhole camera into a small camera obscura.

Make a light-tight tube or box, put a tiny pinhole in foil at one end, and replace the opposite side with tracing paper, wax paper, or ground glass. Point it at a bright scene, such as a window, and view the screen from behind in a dim room. You should see a faint but clear image projected upside down (and reversed left-to-right).

If the image is hard to see, darken the room and shade the screen with a cloth or your hands.

Why didn’t it look inverted when you looked through the hole directly? Because your eye was acting as the imaging system. The pinhole simply limited the light entering your eye; your eye then formed its own image on the retina, and your brain interpreted it normally. To see the pinhole’s projected image, you need a separate screen for the light to fall on, not just your eye behind the hole.