The fit that WE can make is determined by
The Tap that we use, after drilling the hole (How accurate a hole does the tapping drill produce? Size and symmetry or otherwise of the lips )
The Die that we use, and how accurately we set it.
I always adjust my Dies to a commercial thread.(preferably a good quality bolt ).
If you read the comments by folk such as G H Thomas, Tubal Cain etc, it will be clear than for MOST attachment purposes thread engagement has a limited effect on the ability to clamp parts together, or on thread strength.
You only need to start using closer classes of fit if you are seeking greater precision (Micrometer barrels and screws come to mind ) or seeking a closer relationship between applied torque and applied load, or when yield tightening.
The thread fails (strips ) when the load is so great that it shears the thread from the core material, until then it applies a force to the fixing which causes elastic elongation, (and compression of the parts being clamped by the fixing ).
On aero engines, the clamp load on Big End bolts was determined by measuring the extension of the bolt. But the characteristics and material of the bolt were very carefully controlled!
Yield tightening takes this a step further, to maximise the load obtainable from a fastener by taking it just into yield so that it remains very slightly elongated, after the load is removed. A "W" range 1/2 UNF bolt will provide a clamp load of 9 tons when just into yield, but will be about 0.002" longer afterwards.
Taken to excess, the fastener yields and just before tensile failure, starts to "neck" But this should have become obvious as further e rotation produces little or no more clamp load or torque requirement.
If there is enough frictional force between the threads, it is possible that the fastener will "shear off" and fail in torsion. It is not really a failure in shear, since the load is angular rather than transverse, as in true shear.
Combining loads will produce failure earlier than if just one load is present. Cyclic loading takes it into fatigue, so that a fastener or any component which withstands a constant applied load could eventually fail if the load is cycled on and off. Hence "fatigue limit" often taken as a minimum of 10>7 cycles without failure.
Fairly slack fitting commercial nuts and threads can apply a considerable load before one or other part of the threads fail.. A thread is only an inclined plane wrapped round into a circle, to provide a mechanical advantage.
Think of a screw jack for changing wheels on a car. The handle rotation uses a great linear movement of the effort to produce a small movement of the load.
Howard