I have done it before and been caught in a storm and learned my lesson the hard way. Believe me... my record is not clean.
You do gain a knot or so with it up on Davits (versus towing). In a relatively controlled environment, I am not against it. You just don't want to get caught with it up.
Ours was not ripped off, but we had to drop it in the storm which is no fun. Another lesson in seamanship for your's truly.
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