So it 100% raw works with hold person. Hold person paralyzes you. The ability specifically calls out "She can attempt to escape even if paralyzed."
The spell does more than just make you paralyzed, though.
The subject becomes paralyzed and freezes in place. It is aware and breathes normally but cannot take any actions, even speech. Each round on its turn, the subject may attempt a new saving throw to end the effect. This is a full-round action that does not provoke attacks of opportunity. A winged creature who is paralyzed cannot flap its wings and falls. A swimmer can't swim and may drown.
Yes, the spell causes its target to be paralyzed. Yes, it allows them the chance to escape in the form of a full-round action included in the spell. However, it also clearly states that the subject "cannot take any actions".
Because it's explicitly stated as one of the effects, by RAW, the subject cannot take any actions in addition to being paralyzed. The spell puts forth a general rule of 'You cannot act', and offers a single exception. You could interpret this as merely summarizing what the paralysis condition already does. Understandable, Fair, it's probably how I'd rule it in an actual game, and I assume that's how you see it. At least I can show that it's debatable based on the RAW.
Edit: I re-evaluate my position and agree that it should that it should work with Hold Person, based on that last segment. Will leave the above up there as it still shows how I reached my previous conclusion, but I still disagree that you would be able to use it under a compulsion that forces you to take additional actions within a turn.