Loiter is the GPS assisted mode on the drone that you can fly in. If you release all sticks your drone should keep its height and horizontal position.
By default this mode uses barometers to keep the flight altitude, although this can be set to a lidar assisted “terrain follow” version of Loiter (same way like in auto mode), when the drone keeps its distance measured from the ground.

To switch to this type of Loiter use this button on the transmitter:

/picture of button on the transmitter/

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