Sorry for having opinions. As for having all the answers, no. But a lot of them, yes. All based on a lifetime of driving off road, using the equipment associated with off roading, and paying attention.
Several years ago I was gearing up for off road competition and was offered a rope product identical to the one we are discussing here, although from a different supplier. I rejected it for several reasons, all having to do with the sleeve and the build parameters that go along with it, i.e., the knot thing and the inability to weave the rope, availability of custom lengths and how much trouble it was to get ropes built to my specs, the actual outer diameter of the line in spite of the 3/8ths rating which is larger due to the additional sleeve, which adds nothing to the burst strength but does reduce the drum capacity foot-for-foot compared to basic 12-strand line, the fact that the sleeve has a far different stretch rating than the underlying line, and the tendency of covered line to hold mud under the sleeve where you could not see it or deal with it.
I am not suggesting one should not use this type of line, rather I was discussing its attributes based on past experience. Take any or all of it for what it is worth. If you don't use your winch very often but live in sun country, or never use it in mud, or really need an abrasion sleeve to survive where you drive, you might find a covered line to be just the thing.