I have used the strap in the receiver method in the past and it works, however I can tell you that the edges of the receiver will cut into the strap if it's not a straight pull. That has the possibility of rendering the strap dramatically weaker, if not completely useless.
The receiver mounted shackles are a better way to go IMO. As far as a tow hitch being up to the harsh impact of a snatch recovery, it will be fine. You must remember it is using (usually) the same mounting points as an aftermarket bumper so it will be equally as strong.
The rear frame on a Tacoma is a bit weak for a single attachment point on each side. The rear of the frame is not boxed and the C channel can easily bend during a hard recovery. That's another reason a hitch or bumper is a better location for a recovery point because the load of the recovery is spread across both sides of the frame. If you are set on single recovery points on each side of the frame, do yourself a favor and box the frame.
I have gone to strictly receiver mounted DRings on the front and rear of my Tacoma. The Trail Gear front bumper I have has a receiver built into it and I have a receiver shackle there.
I have the same kind in the receiver on my custom rear bumper. But I misplaced one of them once and was in a pinch and used a regular drop hitch with the shackle in the hole. Not ideal but it works just as well as there is no sharp edges to cut into the strap. The only downside to this method is that the shackle sticks out a bit farther decreasing departure angle, and that the cross pin in the shackle has a narrower contact point in the hitch which could possibly bend the cross pin although I've never seen that happen even during hard snatches. It is after all about as wide as most aftermarket bumper recovery points for a shackle.