A general rule of thumb is to allow 1-1/2 to 2 diameters of thread engagement in aluminum. This is so that the threads will not strip. Since you have more than two diameters, I would expect the failure mode to be in tension at the root area of an enengaged thread. There are add'l factors which come into play: stress concentration at the first engaged thread, nut dilation, wrenching stresses, etc. Always, always torque the fastener to its proof stress. This gives you the highest safety factor as safety factor is calculated by comparing the preload to the applied load.
Hope this helps. Good Luck.
sdananay