I used Titebond wood glue on my recent FT Edge build. It's my first experience using it. Like you I had heard a lot of others mention it as well. On the Edge, about 95% of my build is Titebond...while the rest is hot glue. I used hot glue to hold pieces in place while the Titebond dried. I did use all hot glue on the cowl. It does take considerably longer to dry using Titebond.
Overall I think it is definitely very strong glue and would hold up well in a crash.
As far as weight... the general specs list the FT Edge at 680g dry weight, and 835g All Up Weight. I'm guessing dry weight is the model all put together and all up weight is with all electronics and battery installed....perhaps someone could confirm that. As it stands right now, my Edge without battery, landing gear, and a prop (I do have all other electronics installed) weighs in at 606g. The battery I thought about using is a 1600Mah 3S which weighs 134g....I still could possibly drop down to the recommended 1300Mah to make it a little lighter. Regardless, in the end, I think my Edge will still be under the all up weight specs.