Parents’ quibble, holding this this firework (5)
I believe the answer is:
squib
'this this firework' is the definition.
(squib is a kind of firework)
'parents' quibble holding' is the wordplay.
'holding' indicates a hidden word.
'SQUIB' is hidden within 'parents quibble'.
(Other definitions for squib that I've seen before include "piece of satire" , "Firework (disappointing, if damp)" , "Firecracker" , "Firework (perhaps damp!)" , "Small hissing firework" .)