Generally, no. This time of year its close. The difference between a hold and a waitlist is that with a hold they have not yet made a decision on your file. The decision could still be accept, reject or waitlist but you are sure to get one of those decisions a lot sooner than you would with a WL, which you don't get a decision on until like August. With a WL, they have made their decision and it is WL.
That said, in reality I don't think there is that much of a difference between hold and WL. For example, at Iowa this year, every hold has turned into a waitlist (per LSN). So, what I suggest you do is contact the school and find out why you've been held. Ask if there is any part of your application you can improve any time soon or that you might be able to explain better. This was the case for a hold with me and I was able to quickly fix the problem and was accepted.