I'm going to go out on a limb and say that since they allow you to share it on the web to the public at large, yes. Did I see anything from Apple expressly allowing this, no.
One drawback - I don't see how you can hot-link to an individual image, without it being part of an album (although a single image to an album is fine). Additionally, the linked album displays the iCloud owner name. You may or may not be able to change that, probably not as the owner name is linked to a payment method and requires a real name. If you seek to share links anonymously, then this is not good for public at large consumption. I share these links with relatives and friends who know my real name.
So, your answer is no, not good for general hot-linking to the public (unless you don't mind advertising your real name). How to do it: in Photos, set up a shared iCloud album, open it, and click on the "people" tab (silhouette of head & shoulders in a circle icon), and check "public website". Copy the link and post it to whoever.
I had not explored this before, but found how to get around the public website displaying your real name attached to your iCloud account. Duh, go to your account and edit your name. You can change it to whatever you want. The new "fake" name will then be displayed on new shared public website links on iCloud, and you can be somewhat anonymous. I went ahead and changed mine, now relatives will scratch their head wondering who sent them pics until I tell them it's me.