I do it mostly. But if holding meant that the boy cannot remove the penis, it is not so. Penis can be easily pulled out anytime. But why shall a boy pull out a penis. They want to stay inside.
Whenever I do woman on top style or lotus style with my husband, I do it. In woman on top style, I sit on his penis while he lies down on bed. I jump on his penis randomly. I take short rest to avoid pain on my knees and back. I just squeeze his penis and keep a hold on it to enjoy it deep inside. Keeping hold I move my body in random direction.
Making a lotus style, I sit in his lap on his penis. While he sucks my boob, I squeeze his penis and rotate around randomly. It feels like masturbating with a real penis.
In these positions it is difficult for my husband to take his penis out if I does not allow it. Reason is lack of space to move back himself. But it does not mean that my hold is tight enough that he cannot take it out.
Once he was fucking me on kitchen table top. In middle, he was relaxing, keeping the penis fully inside. I was just squeezing and holding it. Suddenly the door bell rang. Being disturbed, he just moved back and took out the penis. (Though I was not disturbed as I knew that it must be flipkart delivery)