Yes. And Null specifically posted not to use it for that reason. It horks your bandwidth, for one thing, but even if you were okay with that, it also uses you as an exit node so your IP address can get hooked up with the traffic of some rando looking at child porn and get you a police visit.
http://adios-hola.org/ is a rundown on how horrible this extension is.
Use Torbrowser instead. It's a trifle more difficult to set
specific entry and exit nodes, but you really don't want to have anything to do with Hola.
Tor can also get you fingered for someone else's traffic if you actually deliberately set yourself up as an exit node, but Hola does this automatically, without warning you or any opportunity to turn it off, which is pretty dishonest. I wouldn't trust any entity that runs its operations this dishonestly.
ETA: At least I think Null mentioned this here. I can't find the post, though.
ETA: I probably saw it on 8chan.
Hola was also used in a DDoS attack on 8chan. So among other things your IP address could be used for, including other people downloading child porn, your computer could end up a zombie in a DDoS attack, also a felony.
I cannot disrecommend Hola strongly enough.