As long as he/she is eating other thing, drop on down to 2 feedings a day. It sounds like she is weaning herself. They all do that when they are eating more on their own.
And, yes, she is wanting to be held and wants your attention. Mine were about 3-4 months old before they got past that, but they also had each other to play with, and I'm sure that makes a difference. They are all 8-14 months now, and still get quite loud when they want attention, but it isn't the same - not as needy as a baby.
If you're worried that he/she isn't eating enough, try mixing some Missing Link in with the formula. It's great nutritionally speaking, and it comes in powder form so it blends well with the formula. You can even sprinkle some on her food. I always use it when we drop down to 2 feedings a day, and sometimes add fruit / veggie baby food to it. It seems like that makes them eat better (more), and they accept real fruit and veggies easier when I offer it to them.