I always use the toothpick method every time I install a set of strap lock posts onto my bass. I add a touch of white glue to make sure everything remains in place.
The matchstick method is a temporary, or band-aid solution. It will work to be sure, but not the best. A better method would be to drill out the old hole, plug the hole with a hardwood dowel, then redrill the hole and reinstall the screw.
I've never had a problem with matchsticks. Fill the hole once, wind the screw in and remove then put another matchstick in and fix in. I've had those last for years.