Is it OK to truncate tables while at the same time using Hibernate to insert data?

We parse a big XML file with many relationships into Hibernate POJO's and persist to the DB.

We are now planning on purging existing data at certain points in time by truncating the tables. Is this OK?

It seems to work fine. We don't use Hibernate's second level cache. One thing I did notice, which is fine, is that when inserting we generate primary keys using Hibernate's @GeneratedValue where Hibernate just uses a key value one greater than the highest value in the table - and even though we are truncating the tables, Hibernate remembers the prior value and uses prior value + 1 as opposed to starting over at 1. This is fine, just unexpected.

Note that the reason we do truncate as opposed to calling delete() on the Hibernate POJO's is for speed. We have gazillions of rows of data, and truncate is just so much faster.