Not the case. Iran Contra happened well after the election (from 81-86) and had nothing to do with Carter. It was selling arms to Iran in order to fund the contra’s war against the left-wing government, since Congress had not authorized funding for supporting the contras.
A further clarification - there were hostages involved, but it was those being held by Hezbollah, not the hostages in Tehran. And the goal was again, not to embarrass Carter, but to funnel money to the people that they wanted to funnel money to.
