What set of rules do you fly under?
If they follow recommendations from doc8168, and no other instructions are published on the approach chart, you can intercept a the initial segment (begins at IAF) at a max angle of 90 degrees. (120 degrees for nonp.)
Furthermore, just because there is a holding pattern depicted over the IAF does not mean that you must "take a turn in the hold". If you need to align yourself it's regarded as a racetrack.
So to answer your question:
Doesn't matter if its racetrack or holding, it depends on your TRACK to the IAF, if nothing is published and you are within 90degrees you can pass the IAF and the proceed inbound. If a "For arrivals with in 30 degrees of yadda yadda..." is published then you must arrive with in 30 degrees OR use the course reversal depicted - may be a racetrack or a procedure turn.
In the case where there may be doubt, I would probably add a "direct inbound" or "IAF outbound" in the R/T as appropriate - just to keep the controller in the loop.