User blog comment:BatMario753/Super Mario Odyssey: Absolutely Broken Ability/@comment-26374068-20171029022543/@comment-32617116-20171029023833

No, I don’t know, I don’t have it myself. I’m only in the Seaside Kingdom. But I’d assume it doesn’t even though it’s based on an item that grants invulnerability, as with a certain other costume in the game.

So, for the Invisibility Hat...

Pros:

Unlimited Invisibility

Can be used with any outfit to make it completely invisible, regardless if it’s football player gear, a wedding gown, or...Mario’s boxers.

No remnants of Mario still slightly showing

Cons:

Mario can not phase through certain objects and (most likely) can not be invulnerable as with the Vanish Cap