Hanging strops work great for a good reason. They "flex". In order for a paddle strop to work properly, it has to "flex", too, and that's why the best paddle strops are flexible in the middle and have a thick layer of felt under them. The reason this "flex" is desireable is because it polishes a micro-bevel onto the blade. It's honed at one angle and the strop actually generates a new bevel angle for a very, very small bevel, which makes the edge stronger and more durable. You don't need a microbevel. Laying a strop flat on a table will still work, but the edge won't last as long, in my opinion.
We definitely wouldn't want to hone in a 2nd bevel because it would remove too much steel and make re-honing a real bear to do each time, so what's worked for centuries has been to create a straight bevel with the hone and then use the hanging strop to get it shaving sharp by wearing/polishing in a secondary bevel at the very edge. The longer you shave with it and the more you strop it, the more durable it becomes until it becomes too obtuse and blunt to shave any more. Then it's ready for rehoning.
That's my take on it, anyway.
Feather blades from Japan actually have three bevel angles visible under very high magnification and all in a blade that's about as thin as a baby's hair.