In my humble opinion, whether 2nd race, or 3rd race angle is more profitable has more to do with workouts than anything else.
When I was a youth and knew a tiny fraction of what I do now, I would use the 3rd race back angle, with the caveat that two 5 furlong (or longer) workouts equals one race. This could be any workouts before the first race back or between the first and second race. So therefore, while still considering it to be the "3rd race back angle", I could bet a horse making his first start after a layoff, if it had four 5 furlong workouts. Back in those days though, the Racing Form only gave you the last four workouts, so it was rare to see a horse with four 5 furlong workouts.
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