One difference between your illustrated toggle and what Grizzly Adams, Shug, (and others, I'm sure) stress is that your toggle bears quite bending load. The rope is trying to snap it. They are explicit on the load being born on the knot which the toggle keeps open. The bending strength of their toggles can be minimal, as the knot transfers the hammock load to compress the material of the toggle.
So, a beautiful illustration, as others have commented. But, not if the toggle is poorly chosen..