(above) Perhaps. Thinking about this more:

There would be less downward load into the sideways hook if the hung wheel were locked, so the tire against the wall can actually excert some vertical friction holding the bike up. But instead the tire can rotate under the bike weight, adding force to the hook. And I think because the wheel can "roll", the FBD may get weird. Too tired now to figure it out.

The closer the hook is vertically to the tire contact with the wall, the higher the hook forces. A wider span is better.

I'm less nervous about those forces on the rim if they are traditional aluminum ones. A bit more concerned if carbon.

I don't like the downward (lateral) forces on the sideways mounted hook, screwed into low-density wood, with force direction that would split the wood.