Never had a lace go into the drive train. And since I've used lace-up shoes most of my life, I'm fast at getting them perfectly adjusted, which I think is much easier with laces than with a pair of straps. I usually double knot them, then tuck the loops and lace ends into the laced portion, so nothing flops. I only started doing the latter a few months ago, so even that is likely overkill.

Velcro wears out. Laces do too, but are cheap and easy to replace.