Yes. More precisely it is the word for a female cow, but because female cows are much more common than male ones it is also used as a general term. A bull wood be a Stier and an ox would be an Ochse. Both are masculine nouns (one of the few cases where the gender makes sense).
So, in English, having a cow can mean being really upset or angry, etc. I'm assuming this is English-specific and does not give off this connotation in German. However, some English phrases either seem to have been taken directly from German or at least have German parallels, so I'm not sure if this is actually a saying in German or not. If not, is there a similar idiomatic expression like this in German to describe being upset/angry/worried/freaking out/etc.?