no3 levels are a product of completing the nitrogen cycle, or not. Most tanks cannot yet, or at all, so the no3 can rise. Most people see these rising no3 levels as a detriment and notice bad things happening in their tanks - some corals thrive while some suffer... mixed bag of results. Some no3 levels are low because the tank can develop enough anoxic zones to have bacteria that can turn no3 into N gas... or fuges or some other way to export nitrogen.
There are some rare circumstances where low no3 levels can actually mean that there is too little nitrogen in the tank, but these are usually fallow/fishless situations or extreme lack of feedings. Even in these cases, most want to add nitrate, but this does not do much since most corals cannot take nitrogen from no3 and those that can have to convert it back to ammonia which uses a lot of energy.
Some hobbyists keep no3 and po4 at moderate levels. This seems to work both ways, but it is still the feedings that get nitrogen and phosphorous to the corals and not the slightly higher levels.
Hosts can recycle building blocks for their symbionts. You only really need new building blocks to grow new tissue (what proteins are used for). This does not require a lot. Once you have a surplus of either N or P, you have enough... more does not do anything for the corals. Higher no3 and po4 levels, as waste products, can growth-limit dinos and cyano, so some people do use them for this... but most misunderstand and think that they are allowing more competing things to grow with no3 and 25 and po4 at .2 when those competing things likely had enough no3 and po4 at .1 and 1-5 ppb if they were feeding.
There was a long nitrate/nitrogen thread in the chemistry forum not long ago. It got sidetracked a few times and had some good input from a few actual scientists... I can give you the cliff notes version or 2 things... 1). Dr. RHF is of the opinion that having a slight amount of no3 probably shows that you have an excess of nitrogen in other forms (like around 1-2 ppm) and 2). that nothing in your tank other than anoxic bacteria actually NEEDS nitrate.
Feed a lot, export a lot. This has always worked and always will. Keep the building blocks coming in all of the available forms.