Just to offer an opposing view I'll offer this.
Premise 1: When properly joined, a glue line is stronger than the surrounding wood.
Premise 2: When properly joined, the principle determinant of stength in the joint is the surface area in the mating pieces.
Using this perpective, the billets which are first built up in thickness, then joined together are stronger as they enjoy a larger surface area.
From a purely vector physics pov, a lap joint, or overlay in this case, is not particularly desireable and the forces tend to put the joint in tension perpendicular to the joint versus in shear along the lines of or parallel to the joint. I'm sure we've all seen a handle build up "pop" off. It's not because of improper or weak glue, it's because of the force vectors. The limbs act as levers, if the overlay is thick enough, in effect pulling the joint apart in tension.
Practically, I don't think it matters. I do prefer a W joint however over a Z, more surface area and for me easier to cut.