for the OP - yea, as others have said this is a pretty common and reasonable preventer set-up.
The case
history of specific failures suggest a few things:
1. On the 'cleated' end back in the
cockpit - yea, you do want to be able to release it under load, which can sometimes be difficult if it is actually 'cleated'. And even thru a
clutch or jammer it can often be difficult to pop (and then is not under control) if it is under high load. So, if all you have is a cleat - then you should consider a 'tugboat hitch' (rather than a normal cleating pattern) which is specifically designed to allow controlled release under load (note this is also called a Lighterman’s hitch). The
internet instructions will usually show it tied around a bollard - but it can be done around a winch drum or cleat. We always had an unused winch on the preventer side, and used that, but some boats dont have enough winches.
2. Where the preventer line attached to the boom connects to the line run up to the bow and back . . . you want splices rather than knots. Knots weaken the system and there is an actual real
history of knots there breaking and people being killed

.
3. Where the line turns almost 180 degrees (on the toerail forward) the loads are multiplied and that needs to be the strongest part of the whole system. Properly sized low friction rings and large
dyneema strops are good, but the
hardware they attach to the boat needs to be equally good. Whimpy padeyes have an actual real history of breaking (And yes people being killed). So, find a good really solid attachment point.
I have actually not seen the boom end break, but I'm sure it does/has in some cases. We always had an
aluminum tang welded right thru the boom, with the tang sticking out both sides with attachment holes drilled. This is quite easy for a decent rigger/welder to do and very strong - you have to rip the boom apart for it to break. Otherwise, yea, a
dyneema strop is easy to
DIY and can also be very strong - you just need to make sure it is secured so it can not slide (foreward) under load (which is usually not too hard to do).
The stretch vs non-stretch question . . . . for
offshore passage making you want non-stretch. If it stretches, it will move everytime you go over a wave, which is not great in light air because it unsettles the sail, and also creates fatigue (often concentrated in the gooseneck. For coastal and near-shore sailing it is less clear - you are not typically running in as large swell (in light air) and not running as many wave cycles (fatigue) so the arguments for no stretch are weaker, and some stretch does give you shock absorption which lowers the peak loads . . . .so probably either is fine for coastal but it could be argued that some stretch/elasticity is probably desired (but not a hige amount) and I p[ersonally would say use some polyester for optimal amount.