No, you're not required to do a full oval-pattern hold. Once you're tracking the inbound course immediately after the entry maneuver (teardrop or parallel) and pass the holding fix, you're done and can proceed inbound on the approach.
Either the teardrop, or parallel entry turn-around is adequate and then once you cross the fix upon which the hold is based, ...
When performing a HILPT, typically the aircraft will pass the hold point outbound and perform the correct entry. When you are inbound, you will continue with the approach once crossing the hold point again.
The aircraft will only pass the hold point twice unless a request is made to ATC for further hold to get ready to fly the approach.