I'd give it a fifty-fifty chance at getting cut off - much depends on the airport.

I think cutter-happy TSOs are going to go right ahead and cut it off without even looking at it closely; besides, it will be marginally faster and easier to cut the main bolt than to take a moment to line up the cutters and snip the small part.

TSOs have been known to use bolt cutters just because it is easier than using the keys to open a 'TSA-approved' lock. When I still wasted time and money on locks, I actually had cut locks thrown back into my unsecured luggage on some occasions. Other times, the locks were just gone.