While there has been no word on whether Holden-Ried will reprise his role in The Umbrella Academy season 3, the series has a chance to bring the figure back.
Axel’s fate could have been a bigger hint at The Umbrella Academy, suggesting that he was the sole survivor for a reason. They may have been created to replace the roles of Hazel and Cha-Cha.
As a member of the Klaus Hargreeves cult, Axel could return not as an antagonist, but as a supporter of The Umbrella Academy’s more eccentric brother Hargreeves.
Although the group might seek new influence since its leader left it, Axel could still find solace now in Klaus’ cult that his brothers have left at The Umbrella Academy.
With his experience with The Umbrella Academy Commission and his connection to time travel devices, Axel can find a way to the main timeline as a new man.
There is also the possibility that Axel will realize that killing the Handler did not lessen his need for revenge, forcing him to target The Umbrella Academy once more.