Should I pay if I receive a CP30 notice on estimated tax under payment penalty

It depends.  If you don't qualify for any of the exceptions, then you must pay. Generally, you'll owe an underpayment penalty if you didn't withhold enough or make estimated tax payments during the tax year. However, there are some exceptions that can reduce or remove your penalty. 

You may be able to have your penalty removed or reduced if any of the following apply:

• You or your spouse (if you file a joint return) retired in the past 2 years after reaching age 62 or became disabled and you had reasonable cause.
• You had most of your income tax withheld early in the year instead of spreading it equally through the year.
• Your income is received unevenly during the year.

Review Underpayment of Estimated Tax by Individuals Penalty for more information about estimated tax penalties and removing or reducing a penalty.

To request a waiver, you may need to file IRS Form 2210 and respond to the CP30 notice to provide an explanation for the underpayment. Carefully, follow the instructions on the CP30 notice and be sure to pay or respond by the deadline. 

Understanding Your CP30 Notice

How to Avoid Penalties for Underpayment of Taxes
What is Form 2210?