It's a good question and as others have noted, the hollow point itself is not the limiting factor.
Most target ammo is "standard velocity" ammo with a muzzle velocity in the 1060 fps range, as that's slow enough to stay sub sonic even in cool weather.
The speed of sound changes with temperature (altitude and humidity have extremely minor effects, so small they don't matter):
-10 degree F = 1039 fps
20 degrees F = 1073 fps
50 degrees F = 1107 fps
80 degrees F = 1139 fps
110 degrees F = 1169 fps
Staying sub sonic is important as the change from supersonic to sub sonic flow destabilizes the bullet and cause the bullet to yaw. A spinning object that yaws also precesses in a direction 90 degrees prior to and opposite to the fire that caused the yaw. In other words the bullet will spiral a bit, and while it will settle down again, it might not settle down on the same path.
An average 40 gr .22 LR "high velocity" cartridge will produce about 1270 fps in a rifle barrel. At 70 degrees F the speed of sound is 1128 fps, and the above round will go subsonic right at 50 yards. On the face of it then, it would appear that it's not that big a deal. However the instability starts in the transonic range at around mach 1.1, and that means the entire flight from muzzle to is in the transonic range.
As long as the temperature is above freezing, standard velocity ammo, with a muzzle velocity around 1060 fps, will be well under the speed of sound and outside the transonic zone all the way from the muzzle to the target and have a much more stable flight path.
The differences are even more significant at longer ranges in two ways:
First, that HV round loses 142 fps in the first 50 yards. In the next 50 yards, in subsonic flight, it will only lose another 99 fps, as there is a lot less drag once the bullet drops below the speed of sound.
Second, if we compare the same bullet at an MV of 1270 fps and at 1060 fps, at 100 yards in a 10mph full value cross wind, you'll find the slower round has less wind drift.
1270 fps = 1.6"
1060 fps = 1.2"
That's a 33% increase in wind drift for the high velocity round.
The faster round still shoots flatter with a 2.6" mid range trajectory with a 100 yard zero, compared to 3.7" for the standard velocity round, but the standard velocity round will drift less.
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The .22 LR is also a heel base design, meaning the diameter of the mouth of the cartridge case is the same as the diameter of he bullet. This requires the base of the bullet to be smaller so that it can fit in the case.
That poses a significant challenge to accuracy as it makes it very hard to have a consistent base, and a consistent base is critical to getting the bullet to exit the muzzle cleanly with even gas pressure all the way around.
If that doesn't happen, the difference in pressure form more gas escaping on one side of the bullet causes yaw, and yaw causes precession, which causes a decrease in accuracy. That's the major reason why sub MOA accuracy is extremely difficult to achieve in a .22 LR, and why 1 MOA accuracy at 100 yards is considered to be excellent, when it's not uncommon for a 40 grain .22 Hornet to produce 1/2 MOA accuracy at the same range.
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With that said, some precision .22 LR shooters will take round nose ammo and put a hollow point in it, using a tool made for the purpose.
Pack Kelly sells it and calls it the Acu'rzr. It creates a hollow point but the more important function is to bump up the diameter of the bullet to snugly fit the chamber, and it's the snugger fit of the bullet in the throat that causes better accuracy.
I've never used it, in part because my precision .22 LR rifles already have tight chamber dimensions.
