I do not entirely disagree with Richard - but I would point out that 'Jam Nuts' are much closer to 3-thread engagement.
(This is from a mech. engineering standpoint, so bear with me regarding my naivete' re. heavy structural practices.)
That said - I entirely agree that, if the usage is 'heavy' or critical, then it is far better to have a depth of thread at least equal to one standard nut thickness.
So much so that, several times, when shop-workers came to me about similar situations, I recommended cutting a small hole in the tubing at 90 degrees to the bolt/joint, so a nut could be installed, rather than depend upon the tubing.
Another reason for the above action - - tubing material is rarely designed to the same specific conditions as are nuts. 40K common steel ( 1018 or the like) will NOT have the same properties as a designed nut. By no means would I recommend using tubing as the 'nut' for high tension requirements.
By the same token, tubing subjected to tension and moment from one side only (as from a bolt threaded into the tubing wall) will have a much greater tendency to failure - - especially with the stress risers that the threads in the tube-wall create. If feasible, it is much preferable to 'through-bolt' - - which again would allow you to use a regular nut.
If the only requirement is simple ('light') fastening - then 3 thread engagement should be quite adequate. In more critical or 'heavy' cases - - use more caution - - better yet, use standard components designed for the task.
Curmudgeon