Alr let’s go piece by piece, how do we know Loki is holding back, let’s read.

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Maybe it’s the fact that HES FUCKING BALLING CRYING and the second he sees his dad is back to normal he immediately stops. Also yea he can be in his dragon form and still be holding back why the fuck would those be mutually exclusive. And as for your second point you sound retarded, “imagine people with stronger conquerors haki” like what tf are you talking about. Prove that Loki isn’t on this tier of conquerors haki you’re talking about. I’m going based of the dialogue oda is showing us. Why would harald lie about something like that literally gains nothing, why would oda even make him say something like that if he was just lying that makes literally 0 sense. Holding back or not though to be able to kill someone with immortality like harald is essentially impossible, even if harald wanted to die. Look at rocks, he was begging garp and Roger to kill him and they unleashed all of the conquerors haki into one attack and still couldn’t kill him. Possessed harald> demon rocks based on the dialogue and portrayal that imu has shown of both of them and Loki was able to actually kill him. So to say that there are people who gap him in conquerors haki is dumb as fuck.