No it is not, you must be a member of "discovery management" group, add your account to be a member of the group, log out form the ECP and log back-in, try to create the in-place hold.
Ok now you done playing with in-place hold and try to delete the in-place hold, and it errors out, and says
Can't remove mailbox search
remove-mailboxsearch will give you the same error, well it has to be disabled first!
Here is a fix:
If the in-place hold name is "test1" and the last mailbox that are in the in-place hold is "testuser"
Set-MailboxSearch "test1" -SourceMailboxes "testuser" -InPlaceHoldEnabled $false
now remove the in-place hold.