On the contrary, a cable lock is indeed a lock. Any control mechanism which requires a physical key to manage is a "lock" by very definition. Definition is not, and never will be, dependant on quality. However, your opinion aside, I do only use it to attach the wheels to the frame. Although I so usually loop it around whatever I'm locking to if there's enough space. Afterall Sold Secure didn't issue a Bronze rating just for laughs.

I also use the Onguard D (Mini because I'm not a fan of trawling unnecessary weight) for the frame. With my MTB I can usually fit the D around my rear wheel, chainstay and regular Sheffield Stand, making it damn awkward to get to and play with.