Safety glassed would have been a good idea, any rubber can suddenly fail. But he is absolutely right that "creaking noises" are common in wood far far far below their breaking point. I suspect he calculated the strength of all these things if he went to that much trouble for the sling. Also the markings on the bolt heads showed they were grade 8 (those 6 radial lines) which are near the best common off-the-shelf bolt strengths you can get. The OG wooden sling breaking was likely a nuanced issue stemming from it's rotational speed, so not a risk during the cranking stage. The sling wasn't even under load at that point. High-speed rotational effects are many orders of magnitude harder to predict than the needed strength of a base structure. But yes, safety glasses would have been wiser.
I don't think it's the bolts shearing we should be concerned about. Rather, the wooden beams might be split in the middle by the torque on the four bolts.