Yes. It should be taken into account but it has never formed part of the actual laws of the game. The offence of handball is one short passage.
There’s a document somewhere that I can’t immediately locate, issued by either the Premier League or the ( English ) FA, with multiple video examples of what they consider should be penalised and not penalised incidents. And they explain why, with reference to things like proximity, deflections and how the incident has affected play.
But it’s quite clear that UEFA for one are operating to a whole different level of standards. In fact they only seem one short step short of having every single touch of the ball on the hard or arm as being an offence.