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The axle nut does keep the assembly together.....however.....
IMO alot of free play without the axle nut holding it together is a bad thing, and I personally would change the bearing on seeing a hub that moves alot without an axle installed when not under load.
Considering the hub is meant to be a press fit into the bearing and the bearing a press fit into the hub, all the axle does is keep the back to back tapered rollers connected with no gap under the wheel load.
With no wheel load... anything more than a couple of mm movement means the hub is a sloppy fit in the bearing or the bearings are badly worn....and either of those things makes it no good in my book.
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