Hi. Not really, we hold something in our hand(s), but keep something in a wallet or backpack.
The meaning you are quoting (from Merriam-Webster - see below) refers to how much of something can be kept in a container or bounded area, not to where you keep something. And it is the container that "holds" something, not the person. Note that they give "contain" as a synonym.
"a : to enclose and keep in a container or within bounds : (contain)
the jug holds one gallon
this corral will not hold all of the horses"
Incidentally, these embedded links are not usable from the app; I had to Google this. Full web addresses (which Duo automatically turns into links) are more universally usable.