I'll carefully use it around pretty much anything. "Carefully" meaning, only a common sense amount of torque for whatever I'm trying to loosen, since it's really easy to go overboard with a strap. If the geometry means I can get a solid wrap without damaging anything, I'll gently try it. If it still won't give with reasonable force, then I abandon the attempt as the last chance end of the line.
Straps are designed to symmetrically distribute the gripping friction around a circumference, so less, not more, chance of damaging the item. Think of asymmetric alternatives like pliers or vice grips. Or spanner wrenches. Set pins are another story entirely...
Ken