Ignoramus13707 wrote:

When the wire rope loops around the thimble, the friction force
reduces the pulling force of the opposing end by a great deal.

I don't think so. Many wire rope slings are sold with swaged thimbles,
that do not have the loop forming insert (not sure of the proper name).
It is the swaging which flows the thimble material into intimate contact
with the wire rope that makes the difference. In any case, the doubling
of the wire rope nominally halves the load on either side of the loop.