That seems to be one of the only ways I've seen to do that with twisted rope over the normal dyneema braid. Or for the why a soft shackle, one less projectile in the case of equipment failure, and in the case of dyneema, almost no stretch means almost no potential energy if it snaps. In theory this would allow attachment of an eye-spliced twisted rope to a captive ring, all without the use of a metal object, so a really cool way to use a modern technique with fully homestead-level technology.