The most common and most likely answer to this crossword clue is the 5 letter word MITCH
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More clues leading to the result MITCH
Buddy explains!

The straight part
We know that "play hookey" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case play hookey = mitch.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does MITCH mean?
MITCH verb- To pilfer; filch; steal.
- To shrink or retire from view; lurk out of sight; skulk.
- To be absent from school without a valid excuse; to play truant.
- To grumble secretly.
- To pretend poverty.