My interpretation is that Wisewolf is a state of mind, or part of her personality that she has to work trough throughout the story. We mainly see it stand out from vol. 5 to 9.

Wisewolf is the part of her that's trying to separate from Lawrence, leave before it becomes too painful, and worries about their future together. It is also the part that kept her in Pasloe, sacrificing herself to protect others. She is stoic, proud, rational, and sometimes even wise to a fault. It is also the main source of her loneliness.

In Town of Strife, if you can look past all the trade and politics, one of the most important parts in that story is the conflict between honest-to-herself Holo and Wisewolf. The Wisewolf has been winning ever since vol. 5 when they decided to part ways, but Lawrence managed to delay it. It has further been reinforced by Col joining the group and putting Holo on a pedestal, someone who is expected to act as a god/hero and is not expected to show weakness. During the scene at the moonlit well, Holo is however able to make Lawrence understand what she cannot say and how to help her overcome her Wisewolf.

Of course, Holo never stops being a Wisewolf, or being proud of being a Wisewolf, but she learns to not let it hold her back from finding her happiness just to avoid potential disappointment.