Advantage are it’s SOFT , as strong or stronger than a ring pressed into Sailcloth, and easily repaired when it gets old.
A soft clew will last a long time, if sunproof thread is used and it is inspected regularly, especially if it’s covered with Sunbrella or leather. The polyester tubing Over the dyneema strap Is “sacrificial” and won’t last as long as a massive pressed stainless steel ring at the clew, of course.
The soft clew is stronger than a pressed ring. It’s less likely to pull out in a storm, assuming it is inspected and repaired if there is UV damage to the sacrificial polyester tube cover.
Personally, I prefer something that can be easily inspected and easily repaired by a DIY-er when the outer polyester tubing starts to show UV damage and wear/abrasion.
Judy B