This is completely incorrect. They are two separate things, though they sometimes overlap.
First, we have to distinguish between the actual definition of the word "cuckold" and the more common use in contemporary erotica, which is the cuckold fetish.
By strict definition, a cuckold is a man who has an unfaithful wife, meaning that she cheats on him. This definition applies whether or not the husband knows about his wife's unfaithfulness, though, in 16th century English literature, the term usually applied to a husband who didn't know that his wife was cheating, and the word "wittol" referred to a husband who knew about her cheating and accepted it or approved of it.
In contemporary erotica, cuckoldry almost always involves the husband knowing about his wife's cheating. Sometimes he accepts and approves of it, and other times he's not okay with it, but can't do anything about it. But the fetish nearly always involves an element of humiliation for the husband, and this element of humiliation plays a large part in the fetish.
In the hotwife fetish, the husband always knows that his wife is having sex with another man. If he doesn't know about it, there's no hotwifing. And he always accepts or approves. If he doesn't, then, once again, it's not the hotwife fetish. In fact, in this fetish, it is often the husband's idea for his wife to fuck around. And a significant difference between the cuckold fetish and the hotwife fetish is that, in the hotwife fetish, an element of humiliation for the husband is usually not a significant factor. In fact, an element of humiliation for the husband is quite unusual in the hotwife fetish. It might be a part of the fetish for some men, but it usually is not a factor, at all. For men who like to see (or fantasize about) their wives having sex with other men, but who are not into being humiliated or made to feel inadequate, this is a very important distinction between the two fetishes.
Have you played
The Office Wife? If not, you should probably give it a look. It's probably right up your alley.