Cryptic crossword clue
Hanging around‘s tiring Leo out

The most common and most likely answer to this crossword clue is the 9 letter word LOITERING

I've seen this crossword clue in The Guardian
L
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Buddy explains!

The straight part
We know that "Hanging around" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case hanging around = loitering.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does LOITERING mean?

LOITERING verb
  1. To stand about without any aim or purpose; to stand about idly.
  2. To remain at a certain place instead of moving on.
  3. For an aircraft to remain in the air near a target.
LOITERING noun
  1. The action of the verb loiter.

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