If not you can always slow right down...
NOT a good idea 5150, unless authorised by ATC.
Two reasons:
1. There may be someone following you a matter of a few miles behind which - once you're inside 4nm and so 'free-speeding' - could seriously catch you up. This could cause vortex issues for them, and if it's a low cloud IMC day, also a loss of separation, either of which may result in them having to go-around.
2. There could be someone at the holding point waiting to depart between yourself and the following landing aircraft, and so the 'gap' created by ATC could be eroded to the extent that the departure can't get away.
Of course, in both these cases it's not you that gets bug****d up - but next time it might be...!!