I feel that my reef has had more water changed through it than any reef. Up to twice weekly 100% water changes 2006 current
It's nano reef so water changes are easy, it allowed me to feed lots and then just export that which would waste
All corals fat and full
That many full changes...hundreds...tank often drained for 10 mins avg per time, like when a real tide rolls out (only that's hours)
Those that have fish or large tanks can't do full changes, but everything shy of them tolerates it long term and thrives.
The real risk is ever storing up waste due to choosing that mode of hands off reefing and then a big water change distributes it about as an evil ammonia cloud, which is then blamed on the water change. Exactly the same viewpoint as saying a skateboard skinned someone's knee
Water changes done on a perpetually clean reef simply flush out waste and sustain an indefinite lifespan and never, ever harm critical bacterial balances even if done 100% daily.
Fish, tank size practicality, laziness, and tank ability to store waste seemingly indefinitely make people choose large variations in water change percentage. I'm claiming you cannot do too many, but you can wait too long and do too little catchup while kicking up a cloud of consequence. Run the clean reef you are considering doing
Detritus export and non storage is more important than water changes since you can dose to maintain params while sinking waste is finite.