Depends on the game/situation. If there are "pending" apps before the hold on a sex comes about... I say let the applications be accepted or not as it's not fair for the person applied when there was no ban to be put on hold because one came in.
To me personally, it's about a feeling. I would never hold up someones app because they held/applied before a "hold" on one sex. If they held after it was stated, that's different.
As for the hold on a cap. I get it logically, but I don't think it encourages good characters. I don't think RP is about filling a quota so to speak.