Instrument -- gong with hole in it (4)

I believe the answer is:

oboe

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'instrument' is the definition.
(type of musical instrument)

'gong with hole in it' is the wordplay.
'gong with' becomes 'obe' (Order of the British Empire award or 'gong'. I am not sure about the 'with' bit.).
'hole' becomes 'O'.
'in it' is an insertion indicator.
'obe' placed around 'o' is 'OBOE'.

Can you help me to learn more?

(Other definitions for oboe that I've seen before include "Reed instrument" , "Orchestral instrument" , "bit of wind" , "Player" , "issuer of notes" .)

I've seen this clue in The Telegraph.

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