Tow straps of course, as has already been said are for towing in a static pull and that's it. From what I have read a snatch strap and kinetic rope may be used for the same task, a kinetic or dynamic recovery, but they are not equal pieces of equipment. A standard snatch strap depending on brand and age etc has between 10 and 20% stretch to it while a high end kinetic rope will have 30% stretch or more making the recoveries smoother, easier and safer which is why people are trending that direction now.
I have seen some claims that the rope is going to drop faster than the strap if it snaps making it safer but I haven't really seen those substantiated. I would be interested if anyone has any information on that. I have been doing a lot of reading on this lately because I'd like to purchase one soon along with some soft shackles. We are always traveling with families so we want the safest equipment we can get.
I also see a lot of people, most in fact, not using a dampener or winch blanket while doing a snatch recovery even though that type of recovery is more likely to produce a line failure. I have been guilty of this one myself in the past. I will be buying two weighted winch blankets with my kinetic rope, one for each end to aid in making that line drop if it fails rather than coming through the back of my head :-)
I'm actually in the process of trying to decide between kinetic ropes and other items right now to put together a new, much safer recovery kit. For my old LC FJ40 I had a warn winch, old school bent up hook, no dampeners and no shackles and would use my retired rock climbing ropes as winch extension straps and tree straps. That was between the ages of 17 and 21 so live and learn, I'm just glad I never took my head off or anyone else's.