1/8" cable has a breaking strength of 1,700# and 3/16" is 3,700#,per cable.
Plastic covering lets water run down in the cable and holds it there,corroding galvanized cable.Galvanized cable not plastic covered,can also rust inside where it can't be seen.Ask any experienced snare man.
I replaced cables on my Gorilla tree stands with 1/8" stainless and copper ferrules.Copper is the proper ferrule for stainless,not aluminum.Aluminum and stainless can create electrolysis and subsequent corrosion.Aluminum ferrules are correct for galvanized.
I've used the same SS cables and copper ferrules to build earth anchors that stay in the ground for months to years,in alkaline soils that eat up galvanized and have yet to get a spot of corrosion.316 is the most corrosion resistant but 304 is plenty good.
Nothing wrong with chain but if I were going to the trouble,and only had a handful of stands,I believe I'd spring for stainless chain and hardware.Just some thoughts.