I think this is all down to personal preference really.
I used to run 30mm a side spacers on a MK2 Clio, and I prefer having the bolt on type.
Yes your correct in stating you have 10 bolts per wheel, but in my eyes that means more bolts to take the loads on therefore sharing the compression and stress on a shorter length, increasing the tensile strength of each bolt.
If I had 5 longer bolts to me that seems more risky as you increase the length of the bolt you increase how much it can flex therefore putting the stresses up and lowering the tensile strength.
I think it's all subjective and opinion based unless someone wants to do some sort of strength testing to prove which is better personally.