A few years back I got a catlog from Coast Fabrication, a supplier of fasteners for race car applications amongst other things. Their catalog contains a lot of technical info on fasteners and I use it as a reference for just about any fastener issue. Most all of that info is also available on their website.
They too make a comment about what grade of bolt is better suited in specific applications. One such comment is that AN series bolts (essentially equivalent to Grade 5 hardware) is ' Vastly superior to Grade 8 tension bolts for nearly all shear-type, race car applications'. This simple statement wades into the significant concept of proper fasteners for joints held in tension and those held in shear, something that is (or should be) well-analyzed by the engineer designing the application.