Lets do math and play mechanical engineer. We're designing a small engine with 3/8 head bolts. 2B female threads in an A356 block. For a design criteria we'll assume thread failure in the aluminum block at the pitch diameter.
For 3/8-16 UNC-2B, the nominal pitch diameter is .347". the thread shear area, per thread, at the pitch diameter is :
pi*.347*(1/16)*.5= .034in^2 per thread
for 1" engagement, the total shear area for the female thread is
.034*16=.544in^2
For 3/8-24 UNF-2B the nominal pitch diameter is .350". The thread shear area, per thread, at the pitch diameter is:
pi*.350*(1/24)*.5=.023in^2 per thread. Yay, coarse thread wins? Not yet- there are 1.5X as many for given length for this example.
For 1" engagement (the number doesn't matter if you use the same for both) the total shear area for the 3/8-24 female thread is
.023*24= .552in^2
So, the 3/8-24 has slightly more engagement shear area- it's NOT weaker. Yeah, only 1.5% difference, so why use fine threads? Because the bolts are stronger.
3/8-16 tensile stress area=.078 in^2
3/8-24 TSA= .088 in^2.
That's 12.8%. May not seem like a lot, but for a 150ksi ultimate strength bolt:
3/8-16= 11,700 lbf strength
3/8-24=13,200lbf strength
That's a huge difference for the same size fastener. It equates to 13% more clamping force, which is why fine thread bolts are often used for cylinder head bolts. Even into aluminum blocks.
For thread engagement, we want the bolt to fail before the threads strip. The reason is the threads might just start to strip and we may not notice and it could fail later. For 3/8-24 into A356 (20700 psi shear strength)
20700*.023=467 lbf shear per single thread
13200/467=28 threads minimum engaged, or 1.17" of engagement. It'd be good to increase this by 1.25X if possible.