No it doesn't.
"Holding an opponent includes the act of preventing him from moving past or a round using the hands, the arms or the body.
Holding is only a foul if it prevents him from moving."
My argument, and the argument of the refs on the day, is that the holding did not completely prevent the player from moving. The player falling to the ground did.
That's what it means by fleeting.
Now I think it just about met the threshold of a penalty, but I can see why it didn't meet the threshold to overturn a decision. Because VAR needs to only be used for absolutely clear errors. The ref knew he had been held, he just didn't think it was a big enough hold to prevent the player from moving