Using you can
Move around surfaces without direct contact, usually up to your creature size (or base size).
This means you can hover up walls, but must be within Reach of the surface to hover.
Simply put, Hovering Speed is not
Flying Speed, as the creature must be within
Reach of a tangible surface, but can still
Move horizontally and vertically up those surfaces within
Reach.
You also take Falling Damage if you have a
Hovering Speed, and not a
Flying Speed.