How do I Drill a Round Hole into a Cylinder in Blender? PART 2

The Solidify Method

Create a cylinder with

Select the hollow cylinder.

Now go to the Modifier Properties tab and click Add Modifier

Choose the Solidify modifier and adjust the Thickness parameter:

Make sure the Offset value is -1 or else the outer cylinder size will change

Go back to the modifier control panel again and move the mouse into the thickness field, and a double-arrow will appear. Drag to change the size of the hole dynamically.

Tip:

If you need a square-shaped hole, it is better to use the boolean method. See this post