Take a look at
Joint Operational Evaluation of Field Tourniquents the pictures of TK4 failures are on page 19. Dated 2012.
"Failure: The TK-4L broke during training on the first application. The TK-4 broke during the first test trial on the HAPMED. On both the TK-4 and TK-4L the nylon strap frayed and broke at the connection to the metal hook."
"NOTE: 21Sep11: With concurrence of MCSC Kevin Joyner, no further testing of the TK-4 and TK-4L tourniquets due to safety concerns and mechanical failures. The user was at risk when applying device due to the elasticity of the tourniquet and its metal hooks creating the potential for injury."
There is another study Evaluation of Self-Applied Tourniquets for Combat Applications (dated 2007). I have the .pdf but could not find a link. That study, which was prior the the one mentioned above gave the TK4 a better score.
In short, for self aid, the TK4 is probably not the best. It can fail, might be difficult to hold the hook in place with one hand if applying to your other arm, with no windlass you may not be able to get enough tension to stop the flow of blood. But, it is cheap, takes up little space, and it if was all you had to apply on someone else it would be better than nothing.