Ah, well that's changing the goalposts a bit then. Looking at the information from iThemes it does say that the fix for cron is for a very specific problem with the loopbacks. Probably if you have no other indication that loopbacks are not working (or you have actual positive proof that they are) then that isn't actually the specific problem you have and therefore you shouldn't be making that change.
There are other reasons why scheduling can fail (for a task to actually be scheduled or for a task to fail to be executed) as other topics in this forum and across the interweb will testify. So this may depend on some specific problem on your installation - things like prematurely terminated database connections, plugin conflicts, etc. Maybe the backupbuddy scheduling of backups works but the actual execution of the backups fails - different thing?
As regards "blame", hmm, that's a tricky one - in the case where loopbacks really are disabled this isn't the "fault" of iThemes is it? Did the host who claims to provide WordPress hosting say that actually loopbacks are disabled and so they are hobbling your shiny new WordPress installation from the get go? Especially as WordPress itself recognizes this negative behaviour by hosts and _specifically_ provides a workaround for it as standard WordPress functionality so that _standard_ WordPress functionality _and_ plugins that require this capability can actually function. Shouldn't a "reputable" host be "well aware" of the consequences of their behaviour and at least mention it to potential buyers of their hosting service (and please note that unavailability of loopback capability doesn't necessarily affect just WordPress but can affect application behaviour in general).
I'm not sure what backupbuddy would say and whether it would mean anything to 95% of the people who might (just might) read it - maybe your host may disabled loopbacks which means they are crippling your WordPress installation in which case WordPress provides a workaround for you... Would that make any difference, don't know? How many people would actually read that, how many would understand it, how many would it actually apply to, would they ask their host? It would probably just make life more confusing.
I'm happy that you are happy with Bluehost and, as you mention, your backupbuddy plugin is working (which probably means the main issue isn't disabled loopbacks?) but I am constantly amazed when I read posts from people who seem prepared to forgive their host anything and lay the "blame" for any problems at the door of another. Low cost hosts are low cost for a reason - they just rely on volume, packe 'em in, pile 'em high and if a customer isn't happy then it doesn't really matter as there will be another along in a minute. It's a perfectly valid business model for sure, but if you buy into it you also have to accept the consequences and limitations and not simply try and shift the responsibility for overcoming those elsewhere. Not a personal comment on you, just a general observation ;-)
Anyway this has probably gone way off-topic so probably best to draw a line :-)