Yes. Even with luggage and looking blatantly like you've just arrived from the airport. The Gare du Nord and the bus station adjoining it will be pretty quiet (not copmpletely deserted but not exactly bustling). The area between the bus station and the hotel is essentially office buildings plus a big open space. Not the subject of tourist board posters but not bad either.

Outside the other side of the station is what remains of the red light district. Colourful in parts, looks seedy, but safe enough. I would be much more worried about wandering the streets surrounding the Eurostar terminal at Gare du Midi.