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Yes, if you selected to waive the penalty, Line 38 should be $0.    When you answer Yes to Penalty waivers/You can request a waiver, you are asked to provide an explanation and Form 2210 will be included, but Line 19 of Form 2210 should show the amount waived, $0 penalty there and on Line 38 of Form 1040.   

If you have an underpayment, all or part of the penalty for that underpayment will be waived if the IRS determines that:

In 2022 or 2023, you retired after reaching age 62 or became disabled, and your underpayment was due to reasonable cause (and not willful neglect); or

The underpayment was due to a casualty, disaster, or other unusual circumstance, and it would be inequitable to impose the penalty.   For federally declared disaster areas, see Federally declared disaster, later.