Need to Purge DiscoveryHolds Data from Archive Mailbox in Exchange Online

You cannot purge items in DiscoveryHolds directly, best you can do is cleanup duplicates via:

Start-ManagedFolderAssistant user@domain.com -HoldCleanup

And you should check for org-wide holds. They will not appear under the InPlaceHolds property on the mailbox, and the fact that you have some exclusions therein does not mean that other org-wide holds are not in play. Moreover, the ComplianceTagHoldApplied property value confirms that you have at least one retention policy/label acting on the mailbox. So check via:

Get-OrganizationConfig | fl InPlaceHolds

and take the necessary actions. Refer to this article for more info: https://learn.microsoft.com/en-us/purview/ediscovery-identify-a-hold-on-an-exchange-online-mailbox