A hollow victory means a victory that brings little satisfaction or real benefit. The correct answer is this meaning because the expression is used figuratively, not only by its literal words.

Examples:

• Winning after insulting everyone felt like a hollow victory.
• In an HSC essay, A hollow victory can express this meaning: a victory that brings little satisfaction or real benefit.
• When this expression appears in a passage, connect A hollow victory with the idea of a victory that brings little satisfaction or real benefit.