The short answer is no. To hold someone means to physically hold them. Holding someone on the phone means a person is physically on the phone (standing on the phone, sitting on the phone, etc) and you are holding them there so that they remain physically on the phone. In the context of a phone call you can put someone on hold or you can have someone on hold. Having someone on hold means that they are currently on hold; you have put them on hold and haven't taken them off hold yet.