Yes, you are on the right track. The strain (in the strict engineering sense of the word) peaks up just above the radius of the nut at the bottom of the stud, and the flexing and fatigue concentrates there. With the pedestal, the pedestal has to first stretch the bolt some in order to tip up off of the head and then flex the bolt. So the bolt is loaded mostly in straight tension with the pedestals, which is stronger.
