1. Except for out of bounds rolls, has a bottom guy "returned to defensible position" ever prevented a subsequent exposure in freestyle? Seems so rare that the rule may as well not exist.
2. "Defensible position" is both subjective and far less stringent than "release the hold."
3. Many (most?) freestyle turns do not put the bottom guy in any peril whatever of being pinned, even with the touch fall.
4. Rohn's cement mixer was a deliberate attempt to pin Lambrecht, which we were all taught is the ultimate goal.
BTW, the crocodile analogy is spot-on -- they don't turn for multiple revs continuously. There's always a pause at the bottom, without letting go ... and it doesn't prevent the next turn.
The nuance I see is that the folk rules/scoring system is designed to generate pins; TFs are intended as a byproduct of multiple unsuccessful pinning attempts (though it is certainly possible to TF via takedown tournament or multiple cheap tilts). Free is designed to generate TFs.
Whether that's good or bad is a conclusion each individual needs to reach for himself.