I disagree, the use of the word "hold" is ambiguous. Why use the verb (ie."hold") to describe an action when the aircraft is waiting at the noun (ie. "hold"). Use of the phrase "line-up and wait" is unambiguous.
I have a bit of a problem with this type of argument, not just because "hold" can be a verb or a noun, and not just because "wait" is a verb that can sound like a noun (weight), but simply because the reality of aviation English is that it's often spoken by people with English as a second language. A phraseology should not be designed nor require an interpretation that requires such a detailed analysis of which meaning a word might have depending on context.
Line up and hold was standard years ago. I've seen a near collision because a pilot not used to a controlled aerodrome misheard it as "Line up and roll".
The current phraseology design
appears to be an attempt to make context-dependent phrases sound different, and I'm all for that.
Just by the way, the first day I used "line up and wait", some wag (having a go at the ever evolving phraseology changes) replied "lining up, we're a heavy"
Never had a problem with the belt-and-braces "behind behind". (except when first introduced it sounded dorky).
Very seldom use "line up and wait", preferring "line up." If there is a subsequent delay and the reason is not blindingly obvious, I'll tell the pilot what and why. IMO "wait" should be largely redundant, not because it's confusing; rather because it's usually not necessary. (Apart from Tenneriffe,) nobody rolls until they've heard and readback a takeoff clearance. If they do, it's not the phrase at fault.