In the hold other factors could be an issue:
- What is reason for holding, as you may not be the only one diverting;
- Have you got an EAT, if so, alternate full could be used if committing to the destination;
- How many runways are at destination vs alternate (e.g. what is the point of diverting from 4 runways airport to a single strip)
- What facilities are in place in both destination and alternate (e.g. full radar control vs procedural arrivals)
- How is weather at alternate and facilities vs intended destination (e.g. if weather approaching operating minima at alternate, you may be better holding longer and committing to destination)
- There are many more of these...
If in doubt, DECLARE iaw ATC procedures your fuel state to get priority.