I have anchored there, but I don't recommend it.
First the waters outside of the bouys are deep. I dropped my hook in 80' of water
off of 4th of July cove and had 300' of rode
out. It held ok, but winds were light. I wouldn't want to be anchored in 20+ kt winds. Secondly the swell runs crosswise to the wind
, so it is rolly.
That is why the moorings (which aren't that expensive- about $25/night) have fore and aft ties to face you into the swells, irrespective of the wind
The cove on the back side of the Two Harbors isthmus is quieter and you can anchor
in shallower water
. But it is a long sail around to get there.