That seems like a very long radio transmission when you’re maybe in a situation where seconds count.
Situational awareness is important in a hold and in a multi crew at least one should have the NAV(traffic) display in a useful scale.
Consider aircraft not only vertically but also laterally staggered in a hold.
As in the other aircraft is not exactly above or below you and if the stack is not too high everybody is flying the same speed.
If they’re all jet aircraft that is and I’m assuming that as everyone has TCAS.
If we fly 10 mile legs we could have somebody diving through our altitude with (at best) 10 miles separation horizontally and worst case we’ll never know.
In that sense the question is a little academic.
So my answer is descend in accordance with TCAS RA as I know where the traffic below me is.