I agree with everyone who says it's cat dependent with a lot of variation. My cat's favorite way of being held is for me to stick my arm through both sets of legs from behind so she's straddling my forearm, and my hand is holding her chest below her neck. She'll happily sit like that for ages, especially if I'm moving around and she can watch the scenery.

A prior cat preferred to be held like a baby, on his back cradled in our arms, but my current cat hates that.