>>507736>protect from windYes it does, dingus. Just put the walled part against the wind
>protect from bugsIt will do fairly well if you have a fire, not as much as a tent, though
>protect from wild dogs and the likeNeither will a tent. A tent may be discouraging, but most animals smart enough to even consider preying on humans (which they often won't if you have even a smoldering fire throughout the night) will be quick to learn that a tent is nothing to them.
>thermal isolation from groundThis is usually achieved with bedding. The shelter itself it often irrelevant.
Tent's are better for some reasons, but they're often so minor that, considering your personal needs and preferences, a tarp may very well be just as good, if not better. If you want to minimize weight, easy setup, and are a competent and durable person, a good tarp rig will work fine.