Seems to be a bug with the newest version of the iOS update that was put out. Hopefully someone from the Apple iOS dev team finds out about this soon because I imagine a quick patch pushed out to correct the issue wouldn’t be too hard for them to handle.

My AirPods pro Bluetooth settings before returning them to their charging case

My AirPods pro Bluetooth settings immediately after returning them to their charging case and then replacing them in my ears
Conclusion the “press and hold AirPods” feature does not save so immediately reverts back to its default setting.