When a flight shows as waitlist only on KrisFlyer, does that mean there are seats on hold for that flight?

I just placed a hold on some KrisFlyer Saver award flights… After the hold was placed, I went back in to look at the flight - (which I had already confirmed, had only 1 Saver seat left, at the time I called to request a hold) - and I noticed that it was now shown as “Waitlist”.

So, my question is - are all those flights or perhaps most of those flights, that you see shown as “Waitlist” on KrisFlyer redemption searches, possibly flights that are on hold for other people?

All in all - a great system anyway, including wonderful service received from the excellent KrisFlyer customer service staff I spoke with. And not too long a wait on the phone… even during the current difficult travel time that it is…

My simplistic understanding of this is:

There are usually 2-4 business class seats allocated for saver award use. Award seats generally have a designated fare code (different from revenue seats).

So when you book or place 2 seats on hold, that means there will be 0-2 seats left. If it is indeed 0, then others can only waitlist, hoping that someone cancels the ticket or hold or KF decides to bw generous and release more award seats.