i don't think so...
using the creature advancement only makes a tougher and possibly larger, it doesn't reflect the experience gained by advancing in character levels (i.e. the creature isn't practicing, working out and increasing its abilities, it's just a bigger version) and it leaves specific stat changes to changes in size (affecting Str, Dex and Con allong with natural armor, AC and attack)
the MM even states: "This book only lists the weakest and most common version of each creature."
the otyugh advancement example even states that the monster's CR doesn't change with the advancement (but the number of experience points gained does)
if you were to add stat changes (above and beyond changes due to size) and increase SR and/or DR, i would recommend increasing the challenge rating as well