It's essentially a quick release Prussik tied with the working end.
You can use a toggle, or slip a second bight through the first to prevent accidental untying.
Big benefit is that it is faster to tie in longer lengths of cord and it's faster to undo, being quick release.
[0] https://en.wikipedia.org/wiki/Farrimond_friction_hitch
It's essentially a quick release Prussik tied with the working end.
You can use a toggle, or slip a second bight through the first to prevent accidental untying.
Big benefit is that it is faster to tie in longer lengths of cord and it's faster to undo, being quick release.
[0] https://en.wikipedia.org/wiki/Farrimond_friction_hitch