Strengthwise this would seem slightly leveraged/ not inline pull, with more arc/flair than necessary; giving 2 leveraged instances working against you i would think.
Security wise, the splice is not ribboned to give more surface area of grab; and the main standing line pull is not on the end/bitters directly.
Ribboning gives less leveraged flair/arc for strength and also more surface area to grab; according to Brion Toss. So in 1 move ribboning the strands before weaving back through self preserves strength and security.
i think the side by side splice, rather than inline/usual style would also similarily and negatively effect strength and security both in 1 move also.