Having used both weapons, I have to say the catch on the M16 is definately the flimsier. At least with the F88 you can keep your hand in a position that will block the cocking handle if it does dislodge itself (just don't let any instructors see your hand anywhere near it).
It seems strange that with the L1A1 SOP was that you engaged the hold open device, yet kept your hand on the cocking handle (in case the catch failed), but with the Steyr you got in serious shit for doing exactly the same thing.