I hang my food bag in a pretty traditional way from a high limb...and actually get up and out to cook by necessity. I'm already up to answer the "call of nature" in the morning so bumbling about to get my food bag down and breakfast underway is no biggie.
Shug makes it look easy to cook from the hammock (!) but it takes some trial-and-error practice to get a "system" down so that your gear is where you want it for cooking and your hammock pitch enables you reach it. Shug actually uses an Ursack tied to a nearby tree (about head height) so he's defending mostly against small critters. Even without hanging, a bear wouldn't get through the fabric of his Ursack but it could sure make a mess trying to get to the food. I'm pretty sure he keeps his breakfast fixings separate from the rest of his food so that it's "handy from the hammock".