XiRho, you did the right thing.
As a tower controller myself, what I would expect you to do is to hold visual over the VRP, unless otherwise instructed.
Of course it would be much better to know what you need to do in advance (ie. orbit or join the circuit), but in case of frequency congestion, the only wise choice is to hold over the VRP, which given the phraseology used (whether standard RT or not, that's another matter) is by all means your clearance limit.