Yes, most cops use hollow points. They are better for quickly stopping an adversary, and are also less likely to overpenetrate (and hurting an innocent bystander). Thus, modern hollow points will always be the best choice for police (and citizens) due to those two reasons. They will stop the threat faster, and they are less likely to over penetrative.
Although since cops hit their targets 18-35% of the time, maybe the overpenetrate overpenetrate argument is moot since the bullets that miss seem to be a likelier event than bullets that enter the perpetrator and exit to hit a bystander.