When fresh and new to the climbing scene, I used to place my ice tools with religious certainty in the provided tool loops; however, as I got wiser and more experienced, I started using the side compression straps on the pack as a means of carrying them. It's a good deal easier and a lot quicker to access your ice tools if you can just slide them out rather than having to fiddle with rather awkward buckles and/or elastic shock cord or tape. It has the added advantage of the back of your pack staying clear of the snow, too!
In a bushcraft situation, my axe is usually carried in similar fashion behind the side compression straps, with the head in the wand pocket - if there is one! - but with it 'head up' but snugged in if there isn't.
Over the years, I've come to realize that the ubiquitous ice axe loops on rucksacks are of limited use. And yet manufacturers insist on including them. Oh, well!