Note that you can also have contexts on hold. I've gone back and forth a bit, but finally decided that putting contexts on hold is not so useful. If a context isn't currently relevant, I just don't look at it. Also, OmniFocus has this very broad notion of blocked actions, which are hidden in many views and can lead to confusion.
Omnifocus also can filter projects by start date, which may or may not be better than on hold, depending on your circumstances. The feature set is a bit too rich and there's a lot of overlapping functionality.