Nagarjuna suggested we collapse the distinction between 'conventional' and 'ultimate' truth altogether. Ultimate truth can then be thought of simply as the negation of conventional truths. So "ultimate" is ultimately just as empty as the conventional. Nothing special about it.
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Emptiness is, as you said, what appearances "ultimately" are. We only use the term ultimate because we're stuck with it. It's not another existent entity "underneath" or "beyond" convention which is somehow an exception to the rule.
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