You could use Invoke-HoldRemovalAction in Security & Compliance PowerShell:
Invoke-HoldRemovalAction (ExchangePowerShell) | Microsoft Learn
Invoke-HoldRemovalAction -Action RemoveHold -ExchangeLocation KittyPetersen@contoso.onmicrosoft.com -HoldId "UniHecbf89df-74fc-444a-a2dc-c0756c7d3503" -force
I have test in my M365, it works fine.
Or you could Use the GUID to identify the hold:
$CaseHold = Get-CaseHoldPolicy <hold GUID without prefix>
Get-ComplianceCase $CaseHold.CaseId | FL Name
The second command displays the name of the eDiscovery case the hold is associated with. And you could modify/remove it in Microsoft Purview directly.
How to identify the hold on an Exchange Online mailbox | Microsoft Learn