For high currents and thick wires, a gas-tight crimped junction is the industry standard choice.
While solder appears to have its advantages, the key issue to keep in mind is the challenge of soldering 1 AWG copper wire, where the thermal conductivity of the wire itself will rapidly draw heat away from the soldering location, and insulation etc elsewhere on the wire would get overheated and damaged. Of course, for such uses, a blow-torch type gas soldering gun would be used instead of conventional soldering irons, but the issue remains.
Another concern with soldering is that the solder itself could potentially melt and run, leading to an all round mess, if the junction were to heat up enough, a distinct possibility at 160 Amperes.
Screw terminals would work, but the risk is of the terminal tabs coming loose over time due to mechanical vibration, and also of oxide formation at the metal contact surface, leading to increased resistance, thereby heat, and another all-round mess.
A crimped spade terminal actually creates a metal-metal colloidal bond at the surface between the wire and the terminal, and if done right, no gas remains between the surfaces. This ensures longevity and safety, making this the preferred mechanism in industrial implementations.