It varies. Some Hollywood series are directly inspired by true events and try to stick closely to the facts. Others take elements from real life and build a fictional story around them. And then there are those that are purely made up for entertainment.
Mostly no. The show takes creative liberties and combines fictional characters and plotlines with some general themes and settings associated with Hollywood, rather than being strictly based on true stories.
Fiction. Only a portion of Hollywood movies are based on true stories. There are a whole lot of movies that are completely fictional, like science - fiction movies about space exploration in galaxies far away, or fantasy movies with wizards and dragons. For instance, 'Star Wars' is a made - up story set in a fictional universe.