I can be certain that a younger me would be loving "More Space" on my iPad Pro, but my aging eyes benefit from the chonky readable text of "Default" and I like not having to grab my reading glasses.
My iPhone mini is set to "Larger Text" instead of "Default" for the same reason, and no surprise, the 27" 4k monitor connected to my Mac "looks like" 1920 x 1080. I can read make out the tiny text on my Apple Watch Ultra Infograph face without glasses with my arm stretched, but I only ever look at it for a couple seconds at a time.
p.s. If the iPad mini had the ability to choose a "Larger Text" for Display Zoom, I wouldn't have traded mine in.