Police custody means you are in that agency's/county's custody. A hold is something placed on someone when they are not necessarily in that jurisdiction's physical custody. For example maybe I have a warrant out in Texas and in Kansas. I get arrested in Texas for both warrants. I am currently in police custody in Texas on my local charge, but Kansas places a hold on me for my warrant there. I will typically be held in jail in Texas until I take care of my charges and then, if Kansas wants me enough, they will extradite me back there.
You could also have different types of holds from the same jurisdiction. Like say I get arrested for something small and end up having to serve 5 days county jail, but I also have municipal warrants for unpaid traffic ticks and those tickets add up to $1000.00. $1,000.00 amounts to 10 days in jail if you elect to sit the time out (in my county at least) so after serving my 5 days for my offense I've still got my municipal hold in place so I've got to serve another 5 days.