Nope. If someone calls you when Range is plugged in, you'll still hear your ringtone, and Range will temporarily stop recording. If you don't answer, Range will go back to recording the temperature when your ringtone stops.
If you do answer the phone with Range plugged in, whoever you are talking to won't be able to hear you — just unplug Range and you'll be able to chat away. Plug Range back in after you're done chatting and it will pick up where it left off.
This only applies to the classic wired Range. Range Dial uses Bluetooth and does not have this limitation.