First, I'd check the printed STAR: if it gives an instruction like "expect the ILS runway XX" then I'd go with that.
If you're the only airplane inbound to your destination, then holding might work, but in a busy terminal area where you are part of a long train of aircraft inbound on that STAR heading to an obvious runway, holding there outside of (but near) the IAF would create a dangerous situation for you & the next few aircraft in line, with the possibility of no easy place for the controller to vector you to.
I'd continue on final, squawk IDENT ("hey, look at me!" to get the controller's attention), and stay basically in line. If the controller doesn't want you flying the approach (say, he just got word of an unexpected runway closure) it's still easier for him to keep you at (or climb you back up to) altitude on that same groundtrack than to sort out you turning back toward inbound traffic or traffic on parallel finals.
Chances are good that he meant to clear you for the approach, or even thought he had cleared you for it, and once he can, that's what he'll do.
While I agree that "can't get a word in" isn't quite the same as Lost Comm, I'd defend Captain's Authority & doing the safest thing by continuing in, rather than holding, in the situation of a long string of arrivals.
That said, if you're inbound to a small airport with nobody close behind you, and you starting down final could create a conflict with some of the traffic that's making the frequency so busy, then that's an entirely different scenario, and holding in your protected airspace could well be safer than starting an approach into airspace that ATC needs to sanitize of other traffic.
I think that latter scenario is more what the "hold at your clearance limit" rule is based on. In my flying (FAA-land, not EASA), I'm generally part of the long stream of traffic all inbound to the major airport, and we're typically given "expect the ILS 25L" by one or more arrival controllers while still on the STAR.