i do it and have referred to it some here. It is same strength, with grip. You can do the same type thing in sling rigging by instead of making a basket (about 2.5x strength of choke positioning of sling, but no grip), make this round turn basket/ or double basket that has the basket strength + grip on load.
With lanyard i use it on slippery palms, slipperry vine area, skinny-skinny stuff, when bark is sloughing off etc. and dead manned (could pass out and would hang there still) for topping or other dangerous/dynamic activity especially when can't get a good mechanical stop for lanyard in these situations. Sometimes bringing snap to center 'D' for more comfort (weight on butt on that leg and not side), and safer if spar splits (which i never have happened, but have heard stories of).
Sometimes, walking up a palm or pine spar (esp. removal), by holding the wrap open from front; with fingers, then i can let go to allow choke at a stop, or if i slipped, it would automatically engage. You can waaalk around in circle nicely with it too. i think it is very powerful and clean strategy.
i also do this with lifeline in similar situations, when it is going to be wrapped around the spar rather than in overhead support position.
All 3 (round turn : basket rigging, lanyard or lifeline) are exactly the same but diffrent!