How to approach this snap fit to hold router bit

I would do two arms in CAD with a round, empty space 0.2mm larger in diameter than the drill diameter. I’d stop the arms where their opening is 0.2mm smaller than the drill diameter. Add fillets for a cleaner look and better durability.

Or go fancy and embed a magnet. There are some really helpful posts by Bambu in the Community contributions for that route. Just one example:

:crossed_fingers: & :four_leaf_clover: