Good leaving groups are weak bases. So hydroxide is somewhere in the middle in terms of leaving group ability. It is much more basic than halides and tosylates, but less basic than the amide ion, hydride ion and carbanions. Even stronger bases can leaving groups in special circumstances: hydride ion seems to be a leaving group in
https://en.wikipedia.org/wiki/Chichibabin_reaction, and carbanions seem to be leaving groups in
https://en.wikipedia.org/wiki/Wolff%E2%80%93Kishner_reductionI have noticed that strongly basic leaving groups become more reasonable when they expelled in exergonic unimolecular processes where one strong base expels another strong base as a leaving group. This usually means the collapse of a tetrahedral intermediate. It helps if the process is more exergonic, because then the transition state will be earlier (Hammond's Postulate). Processes are relatively exergonic for various reasons: regeneration of aromaticity, formation of a strong bond such as a carbonyl pi bond, or creation of a stable small gas molecule.
Strong bases never seem to be OK as a leaving group in bimolecular processes like Sn2/E2, or in endergonic steps such as carbocation formation (Sn1/E1).