What is the meaning of Hobby_horse?

The Irish hobby, an extinct breed of horse.

A child's toy consisting of a (usually wooden or cloth) horse's head mounted on a stick.

A topic about which someone loves to talk at great length.

A puppet-like costume used in some traditional dances and festivals that gives its wearer the appearance of a man on horseback.

An early bicycle with no pedals or brakes.

Source: wiktionary.org