When using a bowline as eye for a cow; i make bowline a long one, and bury the weakness of the knot behind the crossing bight of the cow. Similar to the Sherrill long splice strategy, of the load then not pulling on the joint of the splice/knot, just the doubled lines. i'd think that the cow hitch's strength would depend on the diameter of it's mount and the tightness of the bight choking around the eye (forcing such and such an angle opf leveraging). This bend on the doubled lines rather than the single line behind a bowline as better.
Splices are strong, and a convenience. They are also fixed length,a nd wear constantly on the same point of the eye.
i too think that it is in the bend of the line that torques the force through the line, rather than feeding straight down it's straight long axis (as in other things), that weakens a line. The more the change (arc) from carrying loadforce along the length/long axis of the rope device; the more the line is weakened. Breaking right before the primary loaded 'deformation'/arc of the line; like the fibers are so delicate under such high loads, they sense the back pressure from the arc before them and snap before entering it (as i have visualized it).
i've always too imagined it as Tom says, leading marls and half hitches forming chokes that reduce the force along the line, till not needing much more than a thumb tack on the end of the line to secure on a load! i think taking a roound turn on the load before running bowline reduces the equal and opposite reactions in the line, but; in connecting with running bowline the strain is back on the bowline, as the full equal and opposite reaction to hold the load. So there is more load on the eye in just taking a round turn then connecting back, than as series of preceding marls/half hitches. So, if 'cheating and using a carabiner/snap as a reusable running / quick bowline connection; risking the stiffness of the metal to be in leveraged position around the round log; it is much better if line doens't just take a choke around the spar, or even a round turn; much more less force on terminations after half hitches and marls.
i've been trying to find a source on the net to quote on my site {
MyTreeLessons.Com } that teaches the lessons of 3 strand eyesplice like Brion Toss. He shows not to keep the strands you thread back through the line round, but rather to 'ribbon' them flat. This does 2 things in this 1 move, that show mechanics that carry on throught knotting and splicing. The ribboned strands lay flatter, so disturb the line shape, deforming it less; making the splice stronger. The flat ribbons also have more surface griping area as they weave through the braid of the line; this gives more grip/security. In a spice as the strongest of knots, he gives how to preserve strength and security in any line lacing.
Tenex is very strong for it's size; it is hollow and doesn't have friction working at the line from the fibers inside scrubbing against the whole line. i think it flattens out on arcing around a mount, preseving more strength; by being leveraged less, by having less dimension on the arc. Roundness is good for traveling around something, predictable leveraging at every angle, for it has the same leveraged distance, being round.