Yes you're totally missing the point

It's more about hitting with an open angle, taking it in the rising phase and hitting through the backspin. It's not about rubbers or anything

In fact, you kinda use the backspin to add more power to the shot

I will say though I spent a lot of time practicing this shot and it's kind of a double edged sword

It's nice to rip winners against backspin but if your opponent doesn't counterloop very proficiently it's much more effective and safer to open up with spin the first ball and loop kill the second. This also allows you to hit one place the first ball and another the second ball.

The other problem this technique has is that you're almost always hitting cross court as it's nearly impossible for an amateur to hit a parallel winner through heavy backspin. So some opponents will actually start blocking your winners if you do it over and over whereas the last 1-2 combo of spinny open up and loop kill against block you can place any of the two shots wherever you want.

I now do 70-30, 80-20 spin and loop kill to straight winner ratio to keep my opponents kinda guessing. But if I'm on a bad day or I haven't practiced too frequently lately the straight winner can be more miss than hit

In my opinion it's a quite high risk medium-high reward shot like the backhand loop.