I'm sure it depends on conditions at your local hold site, but I've done this three or four times without any issues or more than a few minute's wait.
I can't sit at home all day on delivery day. But a UPS CC Center situated right next to the airport that the cargo planes land at is just a few minutes from my office. It is only open from 3:30 - 6 pm, but I'm at work anyway, so I just have them held there then swing by before I go home. Though in this case I need my wife to meet me there since she is the primary on the account. But her office is also just a few minutes away.
When we show up, we give our names, show our IDs, the guy goes to a shelf in the back room and brings them out a minute or two later. They are already pre-sorted and waiting for us.