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Is "Waiting" a context for you? I seem to be missing that???? If so, then Waiting might mean anything from "active and waiting for someone else to complete" to "active and waiting for me to reconsider" to ... whatever you would want "waiting" to mean. In my use, I have a "Waiting For" context that defines tasks other people are to be doing for me.

Otherwise, On Hold for me mostly means, the project is put aside because something external to it limits my ability to work on anything in it at all for an as yet unforeseeable time period. In certain perspectives, that turns off seeing any of its groups or tasks as actionable items.