[Nagoyankee]

It does have a much broader sense because the base verb in 持ちつ持たれつ is 持つ, which only means 'to have', the vaguest verb in the world. You can translate 持ちつ持たれつ almost any way you like as long as it's along the lines of "We are all dependent on one another." or "Have things and let others have the same."