While I do agree with others that you might get better or easier results with texture/material based options, it IS possible to do this with GN alone. If you were to maybe use a blend of both, find some "peeling paint" heightmaps from Textures.com or something and use that as the basis for some of the textures in my node setup it might be the best of both worlds. I think experimentation will be the key to getting the best outcome.
The full modifier stack also has a SubdivisionMod before the GN tree, to add sufficient geometry, followed by a smooth modifier to even out some of the rougher edges of the holes.