Your suggested sentence is definitely a good alternative. The only suggestion I might make, depending on the context, is that it may sound a bit more natural to use "cool" instead of "cold":
It is not cool enough to handle.
I say this because when you refer to something that is currently hot but is losing heat over time, you say the item is "cooling". Thus, it makes sense to say something like:
The pie on the counter is still cooling; it's not cool enough to handle.
Cool is more readily interpreted as "within an acceptable range" than the somewhat more extreme cold, which, in many cases, suggests that the object being described is cooler than you would prefer. Cool is (almost?) never used to mean "too cold", but cold certainly is, so cool works a little better when talking about an acceptable range of temperature, especially when contrasted with "too hot".
In addition, again depending on context, you may want to consider adding the word "yet", as in:
It is not cool enough to handle yet.
This works especially well to imply that while it is still too hot right now, it will soon be cool enough to handle.