Having the right amount of tension in your swing is important. You want to hit consistent shots with as much power as possible and also release the club correctly. If we are too tense with the grip and our arms, that restricts the natural swinging motion of the club and can cause issues. If we are too loose, on the other hand, we won't get enough power or the ball might fly to the right.
On a scale of 1-10, I recommend being around a 5 or 6 with the tension in the hands and arms. The elbows should be soft though. Try and keep this tension consistent the whole swing. Don't tighten up through impact or loosen the arms and hands at the top of the swing or at the end of the follow through.
The wrists should have medium tension in the backswing but at the top of the swing, they should be firm. Try to keep your wrists firm on the downswing and follow through. The hands are hanging onto the club but you don't want to feel like you are using your hands and wrists to hit the ball. Instead, try to feel your arms swing past your body and then turn and face the target on your follow through.