I do not think you will see a significant difference between the two approaches. Take your continuous loop in your hands and pull it tight, it becomes very small. It actually becomes the width of your finger, it would do the same if you put your hammock in there instead of your finger. The one possible advantage of sticking the whole loop thru the channel is that now there is twice the area of rope on the fabric, helping to spread the load out and possibly reduce the wear on the channel. But I think there would be effectively no difference in comfort level. Just a SWAG.
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Deep peace of the running wave to you.
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Deep peace of the shining stars to you.
Deep peace without end to you.
adapted from - ancient gaelic runes