Indeed, this is a simple effective eye knot,
samples of which I've encountered in commercial
fishing gear around Cape May, New Jersey, USA.
In some materials, it has the nice property of
lightly jamming, though commercial fishers tend
to lock things down with "hog rings" or black plastic
"electrical" tape (very seldom have I seen whipping!?).
For many materials, one is better off putting in one
more tail wrap, getting 3dia for the nipping turn
to compress, and surer security-when-slack binding
of the tail wraps against the SPart (but I'm still not
entirely confident with it for e.g. firm kernmantle in
life-safety uses, left untended).
--dl*
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