I've no idea how accurate that image is. I am very vigiliant to the posed photo, and how well it depicts anything true though. In fact, I've seen a bunch of wartime photos shredded as inaccurate after close scrutiny demonstrates it was really just a poseur. Add in the affected nature of art.... Sure looks a hazardous carry method to me unless it blunt. Even then a smack on the knee or shins would be irritating.
As for that satchel: I knocked up a similar thing myself in the back when. The bag bit was smaller but the idea roughly the same. The bag bit was just big enough to hold a saw, rag, hone, and a bottle of IPA. It was never intended to carry far. I was just enough to scout about hands-free, mostly so I could drag wood back to camp.