Hi Zokipu,
Yes, GPS Hold is working as described, GeoLink is holding the position when activated.

Here's a description from the latest Spirit manual for this feature:

5 Position Hold
If you are learning the basics this feature can help you significantly in maintaining required spot. If you are not strong in hovering the feature will do the job for you.

5.1 Description
The model is flying similarly as with Coaxial mode. Pilot can control the model fully but all movement speed is controlled so it can't fly too fast. Rather you can fly very safely as with a Coaxial model and without undesired drifting caused by wind. Always when sticks are released the model will stop at that point and will maintain it until other steering command is given. The model can't be flipped over. This feature can work also upside down in the same way.

Rudder control is identical as with a normal flying mode.

5.2 With Altitude Hold
This feature can be combined with Altitude Hold.