Nah, that feud helped enhance Savage even more to Main Eventer and WWF face company guy along with Hogan, Warrior etc.
Holding him back would have been if he didn't wanna wrestle him or work with Vince to bury him. If he did hold him back, he did a piss poor job of it

Vince probably did more to hold him back in 93. Hulk holding someone back would be Paul Ondorff but I don't think Savage was held back, Hogan brought him over in WCW.
Also regarding those Steph rumours, Im convinced more and more everyday that the reason Vince is pissed at Randy is because he found out he took the lucrative Slim Jim endorsement/sponsorship and ad time to his nearest competitor. One thing I've seen about Vince is he takes and gets offended by business moves way more than personal moves (look what he actually makes his own kids and family do).
I wouldn't even be surprised if Vince started the rumor that Savage was boning Steph just to make him look back out there and kept it on the low and through the net to avoid any slander lawsuit.
Dead serious too.