I made one like this several years ago. The wasted wire does "hurt" my sensitivity to waste. However that is sometimes over powered by the desire to have a clean, tight, secure, nice looking clamp. Due to the wasted wire, about the only place I use it replace ends on air or water hoses. You do have to make sure you get those sharp ends tucked in really well!!!

I do save the "wasted" wire ends. I tell myself that someday I will get a TIG welder. They will make good filler for stainless steel projects.

Or they can be used as you mentioned by just wrapping with a twist to secure it.