If you're refering to the yellow and black variety, about an inch long and as big around as a pencil...then no. Bald faced hornets are considerably smaller. What you're seeing is a parasitic wasp, commonly called a cicada killer, and that's exactly what they do. If you could dig to the bottom of that burrow you'd find a paralyzed cicada with a single egg laid on it's body. The egg hatches, the larvae eat the cicada and pupate, the next year it starts all over again. Really rather interesting...don't like spiders? Don't kill the mud-daubers on the side of the garage...they do the same with spiders.
Bald faced hornets are slightly larger than the yellow jackets that love your soda can in September. They are background black with yellow to almost white markings. They have a very nasty temperment.