hole vs hollow out

hole is a noun but hollow out is not a noun.

Word	Noun	Adjective	Verb	Adverb
hole	Yes	No	Yes	No
hollow out	No	No	Yes	No

As verbs, hollow out is a hypernym of hole; that is, hollow out is a word with a broader meaning than hole:

Other hypernyms of hole include core out, hollow.

hole (noun)	hollow out (noun)
an opening deliberately made in or through something
one playing period (from tee to green) on a golf course
informal terms for the mouth
an opening into or through something
a depression hollowed out of solid matter
an unoccupied space
informal terms for a difficult situation
a fault

hole (verb)	hollow out (verb)
make holes in	remove the interior of
hit the ball into the hole