I also don't think so. A Counselor gives you a chance to "open up" to somebody. Quote from "Social Psychology Fifth Edition" (2002, Brehm, Kassin & Fein, p.524-525):"There are two aspects to this emotional means of coping with stress. The first is to acknowledge and understand our emotional reactions to important events;the second is to express these inner feelings to ourselves and others."
I bilieve that only a living being can serve as an other in that respect and therefore a holographic counselor wouldn't be as effective. Of course, if the patient no longer sees the hologram as just a computer program (like Vic Fountaine, for example), it could work. However most Starfleet personnel probably neither have nor want a close relationship with a hologram.
“Worried? I’m scared to death. But I’ll be damned if I’m going to let them change the way I live my life.” - Joseph Sisko - Paradise Lost