From Post#4 onwards, you've been talking about the 4 minute hold. While this certainly is the minimum form of the Racetrack, the original question was about Racetracks.
Rainboe says it's all very out of date for transport aircraft, but we don't know that zuz was talking about transport aircraft. And transport aircraft may be ancient, rotary and flying Instrument Procedures.As often before, I must point out that the world is NOT entirely composed of modern, heavy jets doing "vectors to the ILS".
Where I work holding, and racetracks, using aircraft with dials and clockwork HSIs is still bread-and-butter stuff, so I take the question as real, practical and worthy of a proper answer.