Fundamentally, this boils down to an "open water" vs "cave" issue.
In cave diving, we are constantly clipping off the light head to fiddle with stage bottles, run reels, etc. As someone else pointed out, if the light cord is under the long hose, then when you clip it off, the long hose will be "captured", making it more difficult to deploy. A stage bottle drop or pickup is one of the most vulnerable points during a dive where a temporary OOG situation can occur. If you had to donate gas at exactly that instance, then there is no "potential" about it - it will be a cluster.
So in cave diving, it makes the most sense to have the cord go over the long hose. Get the OOG diver his gas, and then figure out where to go from there.
In OW diving, you typically don't do as much clipping with the light head, so the feeling was that leaving the light in the donating diver's hand (with the hose over the cord), would be the most effective way to handle an OOG situation. That way the light could be used for signalling, etc. Once the OOG diver is plugged in, the long hose can be deployed, and then the team makes for the surface.
For a time, I think GUE was actually teaching it both ways - "cord under" in the Tech courses, "cord over" in the Cave courses. Eventually, I guess they decided that it didn't make sense to have two procedures, so they officially settled on the "Cave" method.
At least that was the way I heard it.