The definition of a "held ball" sez that opponents have their hands so firmly on the ball that control cannot be obtained without undue roughness. You know- undue roughness like maybe throwing an opponent to the floor.
Anyway,in this play, if the hand on the ball didn't stop the shooter from "reloading", I can't see how you could call a held ball. You call a held ball when neither player can do anything with the ball- which doesn't really sound like what happened in this play.
Of course, I'm guessing- the same as everyone else. It always remains a judgement call by the calling official as to whether the ball was held firmly enough that the shooter couldn't do anything further with it.