It's inconclusive. We know it appeared in The Apostles Creed in the mid 4th century AD, over two hundred years after Jesus ascended into Heaven.
To begin with, Acts 2:31. Peter says that God did not leave the soul of Jesus in Hades, but raised Him up from the dead.
It appears that Hades is simply where the dead wait, and Jesus descended to where they were to preach the gospel to them.
1 Pe 3:18-21
18 For Christ also died for sins once for all, the just for the unjust, so that He might bring us to God, having been put to death in the flesh, but made alive in the spirit; in which also He went and made proclamation to the spirits now in prison, who once were disobedient, when the patience of God kept waiting in the days of Noah, during the construction of the ark, in which a few, that is, eight persons, were brought safely through the water.
Peter goes on to State in 1 Pe 4:6
6 For the gospel has for this purpose been preached even to those who are dead, that though they are judged in the flesh as men, they may live in the spirit according to the will of God. NASU
Paul wrote in Eph 4:7-10
7 But to each one of us grace was given according to the measure of Christ's gift. Therefore it says,
"WHEN HE ASCENDED ON HIGH,
HE LED CAPTIVE A HOST OF CAPTIVES,
AND HE GAVE GIFTS TO MEN."
9(Now this expression, "He ascended," what does it mean except that He also had descended into the lower parts of the earth? He who descended is Himself also He who ascended far above all the heavens, so that He might fill all things.) NASU
This may well be what Peter was referring to above.
There is nothing here that references a Hell. It appears Jesus shared the gospel with those who had died, and where now waiting in the lower regions of the earth. And since the Earth is shaped like a sphere, no matter where you live on it, the dead were waiting in the lower regions. meaning they were toward the center of the Earth, the core being molten Lava. This seems from the versus above the waiting place of the dead, whom Jesus witnessed the Gospel to. Since each soul did not have a physical body, they probable were spirits, and did not feel any pain or suffering from the heat in the Earth's core, if that is where they were.
Plus we have Matthew account of the dead rising when Jesus died.
45 Now from the sixth hour darkness fell upon all the land until the ninth hour. 46 About the ninth hour Jesus cried out with a loud voice, saying, "ELI, ELI, LAMA SABACHTHANI?" that is, "MY GOD, MY GOD, WHY HAVE YOU FORSAKEN ME?" 47 And some of those who were standing there, when they heard it, began saying, "This man is calling for Elijah." 48 Immediately one of them ran, and taking a sponge, he filled it with sour wine and put it on a reed, and gave Him a drink. 49 But the rest of them said, " Let us see whether Elijah will come to save Him." 50 And Jesus cried out again with a loud voice, and yielded up His spirit. 51 And behold, the veil of the temple was torn in two from top to bottom; and the earth shook and the rocks were split. 52 The tombs were opened, and many bodies of the saints who had fallen asleep were raised; 53 and coming out of the tombs after His resurrection they entered the holy city and appeared to many. 54 Now the centurion, and those who were with him keeping guard over Jesus, when they saw the earthquake and the things that were happening, became very frightened and said, "Truly this was the Son of God!"
The word 'Tombs'in verse 52 literally means 'Places of Internment'.
Since the word 'Hell' never appears in the OT or NT, it's difficult, at least to me, if the Nicene Creed meant what the Bible versus quoted above are telling us. And they who wrote the Nicene Creed are not around to tell us what they meant by 'hell', if that was the word they actually used.