Found the correct explanation.

The reason for which the column 'on hold' disappear upon a refresh is that the On Hold column reflects and supports information on the invoice installment level not on the invoice level. Hence kindly enable the installment option and proceed.

On Hold

- If this check box is selected, it indicates that installment(s) has been put on hold. This function can be observed in the *installment level* of an invoice.
Supplier Analysis> Supplier> Ledger Items tab> Installments section> Tick 'Enable' should be selected for this column for visibility.

- If installments aren't enabled, the ledger items tab of the Supplier Analysis page will reflect the overall invoice level information not installments separately.

On Hold Installment Exists

- If this check box is selected, it indicates that on hold installment(s) exist for a specific invoice. For instance, one installment of an invoice with three installment plans is on hold. In this case On Hold Installment Exists column will be checked as yes.