when can I use this expression? Maybe in the context, Is it enough (f eg. food) ?
Yes, the pronunciation is according to what can be heard by a Norwegian speaking
I think "kommer det til å holde" would be closer to your sentence, since it's about the future, not the present.
"Holder det vann?" is a Norwegian idiom for asking if a statement, hypothesis or guess can hold any truth.
If taking about quantity, then "is it enough" is suitable. This sentence is a general statement. If the undertone is "it might not be enough", then other translation alternatives could be "Does it reach?"