Hollow point slugs at high subsonic speeds are little different to solid nose high meplat designs when it comes to the aerodynamic drag. As long as the meplat is kept below about 0.6 calibres, the drag is kept low but not much better, if any, than a pointed nose. However, a pointed nose would make a longer slug, so the meplat can be an advantage when there is a length restriction. At high subsonic speeds, anything above around 1050ft/sec, the drag of either a solid or hollow large meplat will be higher than the equivalent length pointed nose giving larger wind effects and increased velocity loss.
If the slug has a large hollow, the centre of gravity will move closer to the back of the slug, reducing gyroscopically stability. This may or may not help with group sizes, depending on the gyroscopic stability factor. Anything less than an Sg of around 1.5 will likely make groups larger through a lack of stability, while anything much above 1.5 will again increase group sizes. Any small changes in stability factor are less likely to have a major effect compared to other factors such as slug barrel matching and gun matching.
Gyroscopic stability is a case where enough is good, more than enough is OK but not as good, and too little is no good.