In terms of personal integrity, I'd hope so.
For starters, mid-July is the deadline to for franchise tagged players to get extensions. So by the time training camp arrives, we're going to know whether he's playing the year on the tag, not playing at all, or if he's been extended.
If it's any of the former two, "holding out" only achieves one thing... reducing his ability to get hurt. If that's what's most important to him, so be it.
If I had a new OC, new weapons, etc., and I refuse to participate with them throughout the preseason, that's on him. I have no doubt it'll reflect on how well he does or doesn't play. Not even the world's biggest Lamar slurper could convince himself that Lamar is the kind of player who can skip an entire offseason program and be effective out of the gate.
I don't expect him to participate in any portion of the offseason program until the tag deadline looms. Once that happens, I'd expect him to show up and prepare for the season. If he doesn't, that's on him, not the Ravens.