OK, using a Dyneema (trade name) sounds fine in principle, but I would not use it for serious recovery or towing!
I will be the first to confirm it's lightweight strength and durability, as I have used it on racing yachts.
However, as with all rope, extreme care must be taken to keep it clean and free from grit, otherwise in common with all braided ropes, it does and will deteriorate rapidly from the inside.
It is recommended for most ropes the minimum 'loaded' bend is 3 x diameter, whereas with Dyneema it is 5 x Dia.
On the plus side, Dyneemas stretch properties are excellently low, and should a block or shackle fail, the kinetic energy retained in the rope is minimal, so you would have a much reduced whiplash effect.
It is excellent when used to construct bow strings