Also see in the monochrome section page 15, at least in the 3rd Ed. "exposure requirements"
I agree that there are caveats to consider. The caveats though seem to be based on the limits of the materials and what we decide is most important in a scene.
His thought seems not about tossing important detail, more about using a smaller safety factor and even using the curve of the toe to as he puts it, compensate. Precise exposure with little if any extra detail in the negative "below" what we plan to print when we drop the camera shutter.