Pretty much. Being hollow means absolutely nothing in terms of negative repercussions. The only "downside" is that your character looks like chewed-and-spit-out beef jerky, but if that doesn't bother you, then there is literally no reason to not always be hollow. 5 free levels on every NG+, Hollow weapons get a slight damage boost from the related luck buff, you can get the Hollow ending, etc. And since hollowing level doesn't reset on NG+, you don't even need to kill yourself to regain hollowing levels to get the 5 free levels on each run. Just walk up to Yoel, smack on those free levels, and go on with your day. You'd think there would be some kind of downside, but nope, just the aesthetic change that usually doesn't matter anyway for most characters being clad in armor. At most, your character might take more damage from hollowed weapons in PVP since they deal more damage to hollowed enemies, but I've yet to see anyone actually claim or prove this, so this might not even be true. And even if it is, it's a fairly uncommon situation to find yourself in, anyway.