IMO the only reason hold p is 2nd cleric now is holy cow syndrome. Hold p should have been 3rd across the board.
The new version makes it a decent albeit potentially slightly weak 3rd level spell, but it is still a third level spell. compare it to tasha's hideous daughter, a 2nd level spell which does less for 1-3 rounds.
Against most creatures for whom a will save is a threat, the odds of them being stuck for 1-3 rounds from HP is still good.
So as far as i can see, there is no reason to lower it in level and i personally hoipe holy cow syndrome is liften and the clerical version is moved to 3rd as well.
The new version makes it a decent albeit potentially slightly weak 3rd level spell, but it is still a third level spell. compare it to tasha's hideous daughter, a 2nd level spell which does less for 1-3 rounds.
Against most creatures for whom a will save is a threat, the odds of them being stuck for 1-3 rounds from HP is still good.
So as far as i can see, there is no reason to lower it in level and i personally hoipe holy cow syndrome is liften and the clerical version is moved to 3rd as well.