I hate that thing! Is there a way to switch it off?
(I get it, it can be useful. It's my personal preference, and showing it is a sane default. Less intrusive than a (modal) pop-up for sure. But I like software which I can set up to my liking.)
It's not accessible. Applications that are meant to be used by the general public should avoid making assumptions about how the user presses keys. Specifically some users with motor impairment may find this kind of "long-press UX" to be troublesome.