Hold is used to prevent mailbox content from being permanently deleted, so that organization can retain content to meet compliance regulations or during legal and other types of investigations hence Hold being critical functionality is mostly not override by any feature. Additionally, to place an Exchange Online mailbox on Litigation hold, it must be assigned an Exchange Online Plan 2 license.
Whereas this feature is defence in depth to prevent losing access to mailbox in the event of un-intended delicensing. The feature is applicable to all Exchange Online licenses excluding trial licenses. If no action taken, then the mailbox access will expire after the feature’s 30-day grace period is over.
So, Hold is for mailbox data retention/preservation vs the new feature is for mailbox access retention for 30 days only.