I have two Oscilloquartz Star 4+ GPSDOs, they start off with yellow "Learning holdover" when first powered on and then transition to "holdover perf good" in green when they have learned sufficient information.
It takes a while and it is different from the position hold mode transition (where it has learned the co-ordinates and can go into timing mode proper). It seems to take several days for my setup and one transitioned quicker than the other even though both were turned on at the same time.
They are basically learning the value of parameters to model changes with temperature and drift so that they can continue to make adjustments if the GPS signal is lost. For the average amateur user it doesn't matter much as the GPS signal is almost never lost and if it was the frequency reference is probably not critical. It matters much more for telecoms providers who have to meet particular standards for holdover.