Hermitian Operators = Observables?
No, not in general.
It seems clear that every observable in QM can be represented by some Hermitian operator in Hilbert space.
An observable is a special kind of Hermitian operator. So it is a trivial statement that an observable is a Hermitian operator. It's "trivial" for the same reason that saying "a blue car is a car" is trivial.
Does the reverse also hold? That is, for every Hermitian operator $O$ in Hilbert space, is there some observable represented by $O$?
No.
Are there any arguments for or against a particular answer to this question?
Yes. The definition of an observable.
An observable is, by definition, a Hermitian operator that possesses a complete, orthonormal set of eigenfunctions. See, for example, Messiah "Quantum Mechanics Volume 1" (1961) at p. 188.
I will provide the same example that Messiah gives in his footnote on page 188.
Consider the operator $\hat O = -i\frac{d}{dx}$ acting on square-integrable functions defined on the semi-axis from $0$ to infinity, which vanish at $x=0$. For such functions $\hat O$ is Hermitian, since:
$$
\langle\psi_1|\hat O\psi_2\rangle =
\int_0^\infty dx \psi_1^*(x)\left(-i\frac{d\psi_2(x)}{dx}\right)
$$
$$
=+i \int_0^\infty dx\frac{d\psi_1^*}{dx}\psi_2(x)
= \int_0^\infty dx \left(-i\frac{d\psi_1(x)}{dx}\right)^*\psi_2(x)
$$
$$
=\langle\hat O\psi_1|\psi_2\rangle\;.
$$
But, unfortunately, the operator $\hat O$ has no eigenfunctions. The functions of the form $e^{ikx}$ that would be the eigenfunctions do not vanish at $x=0$. So, given the restriction to the semi-axis from $0$ to infinity and functions vanishing at $x=0$, there are no permissible eigenfunctions of the $\hat O$ operator. Thus, for this situation, $\hat O$ is a Hermitian operator, but not an observable.