This would be a great solution if nuclear waste was a one-time non-reoccurring problem. More waste will be produced continually, and if more nuclear power plants are built to match energy demand, a lot more waste, multiple times more. Eventually we will run out of places to put it, and then of course also deal with the fact that every abandoned old mine or cave in the world is full of radioactive material.
The closest "bury it in a hole" can come to a permanent solution is if the hole is on the moon or something. Even then there are downsides. Do you know how expensive it is to dig giant holes?