Amsteel blue is a dyneema cord that size-for-size is just as strong as steel cable. It'll hold. In terms of abrasion resistance, dyneema happens to be superior to nylon rope when it comes to wear and tear.
There are two factors to consider when using dyneema: It has a lower melting point than nylon (which means it's more prone to breaking when knots are tied in it); and, it doesn't hold knots as well. You're going to have to learn new knots to tie that will hold in dyneema cord.
It would work well enough as a throw away rap anchor if you can learn how to tie it, but I wouldn't suggest investing in it specifically for climbing.