There is a place for both systems, Cobra style systems should never be used on a clear weak union that has begun to fail this is clearly stated by Cobra in there literature. Much like how Picus clear state you should never fell a tree based on the results it gives.
So Cobra has a pretty good get out clause there in case of failure.
More thought it always needed. I have seen many steel cable installations fail usually because a lag bolt was screwed in rather than a right through and back plate. Species such as Oak and Horse Chestnut are a particular problem due to the amount of tanins I guess in the wood react with the invasive steel bolt, species like beech on the other hand will completely envelop the bolt securely in time.
On the flip side I have seen and worked on trees with historic good quality steel cable bracing installation. I have noticed in some cases the tree has become weak and look dependent on the brace for support in one instance on a heavy Beech lateral the cross section had become oval where the limb had put on incremental growth in the directions it could move but nothing in the support direction, I almost felt had we cut the wire the limb would fail. We carried out a reduction of the limb and installed a large steel a frame prop.
So neither system is perfect and both need regular inspection and adjustment.
As for the Cobras ability to hold a failed limb, I can honestly say if installed correctly it'll support a massive load! We condemned an Oak many years ago, but the council refused our application to fell and instead pushed reduction and brace which we did, several years later the tree failed unzippering from the bifurcation down in high winds, the cobra held it all together.
In hind sight maybe a steel static system would of been better but I still question the be fit of retaining a tree with such obvious defects in an urban environment unless it has a real value.
I would really like to carry out more steel cable bracing, the main issue is expense, cobra is simple and quick even the static systems to install and do work, and like all systems if the tree has a significant defect it need yearly or bi yearly inspection in reality it's cheap and quick enough to just replace every 5 years.
Again I have seen 10 year old Cobra that is still perfectly functional only it either needs adjusting or moving higher, trees are dynamic they grow so non invasive synthetic dynamic or static systems or well suited to the task or growing with the tree.