I have one and have used it either way. I can't see any appreciable difference in it. If you overload it, and it intends to break, i would think it would let go either way!
Just don't try lifting a car or some other thing with it! They're great for pulling recalcitrant lawn and garden tractors up the ramps into yer pickup, and holding them in place, but any heavy lifting might prove to be hazardous to your body, or head, hands, etc. Mine is at least 30 years old, and still works good!

I usually use mine with the cable attached to the load and the mechanism attached to a stationary object. This is usually the best way as you stay in one place while ratcheting vs. walking along with the load. Otherwise, It doesn't matter.

i to normally attach the puilled out part to the item being pulled. if you are worried about the wire breaking, supposedly by wrapping a towel around the far end of the exstended line the wire can not go nearly as fast. but thats just wat ive heard, hopewfully i never find out if it works

ccb