I'll never forget getting dinged on my IFR checkride for not reducing
power in the hold. DE said it was to save gas and "very important". I
thought it was BS but agreed with him mightily. This was in a Skyhawk
similar plane (actually my Husky). But saving gas could be an issue as
you never really know how long you will be in the hold. I am reminded
of the ATC joke when informed that it cost $2000 to take the Boeing
around once in a hold an the ATC guy said "well, give me 6 grands
worth". ...