Can confirm it’s basically a free year without being issued a fresh round of recognition upgrades and valet vouchers. Unused recognition upgrades can be used until original expiry (and valet). Ive done it twice now (3 years apart) and for all intents and purposes, you will not know the difference vs. being non-parental elite when booking/seat selection/on board. Boarding pass still shows *G on partner flights and lounge access unchanged. Might have been a glitch in the matrix but my elite partner also got extended to match status hold.

All earnt status points whilst on hold still count up and if you hit enough to requalify Elite, the hold automatically ends. Anything below that just gets wiped at the end of the 12m hold and you start fresh with 0 (but a full year at Elite). All airpoints dollars earnt while on hold still accrue the normal way and are kept after the hold.

It’s exactly what it says it is on the tin and a bloody good benefit for anyone that is eligible!