It's secure only for a narrow sliver of applications (e.g., the V-shaped object in the pic), but it wins the "smallest" award.
Or a hook, or a ring or horizontal pole, in fact most non critical applications with a reasonably high CF and a constant load... (like my tomato and cucumber lines to the overhead support bars). Also, because it has no sharp turns, it is virtually 100% strong...
Come to my greenhouse in a few weeks and you will see hundreds of these
"a little too gimmicky" hitches, requiring
no particular
"special combination of hitching object and rope geometry" in order to be entirely possible, easy, safe, functional, economical in cordage, and just down right esthetic in its demonstration of the fundamental laws of knotting and hitches.
Derek