If that thing ever disengaged, you'd have one great flying killing machine. Now, the question is, could it become dislodged? If that little cable loop thing in the picture could be used to corral ALL parts of the looped webbing strap I'd feel better about the deal. But it doesn't show that cable thing being using in that manner in the picture.

This brings up a good question: How is the best way to attach a snatch strap with loops on both ends to closed loop tow hooks on each vehicle? It's easy enough to loop and feed the strap through itself on one vehicle, but what about the other? You'd need something that can open and then securely close, like a D-Ring. Is it safe to attach a D-Ring to an existing (closed) tow hook? Should D-Rings only be attached directly to the frame? Assuming you can find an adequate place to attach them - you'd need a hole in the frame at a good spot, wouldn't you?