Like the OE option, safety wire and the other nut retainers on the market, they help keep the nut from backing off but do nothing for stretch and sheer. Worth having.
Just my opinion, I work in aviation where we use multiple types of safeties, I have only seen that style on low torque small nuts and bolts, to me that is more of a feel good that you did something. The best thing I think you can has already been said make sure stuff is torqued and tight. Just my thought
As much as I love me some Joey, those don't allow you to check the torque easily, so if the bolt stretches you won't know it until you lose a knuckle. This is supposition on my part; I don't know if anyone has ever had a knuckle stud failure while sporting nut huggers. I have the same misgivings about Loc-Tite- just because it can't spin doesn't mean it can't get loose, and you can't check the torque on a fastener with Loc-Tite on it.