On deeper dives, keeping your ppO2 at 1.2 is very prudent. When you're cold, working hard and stressed you are way more likely to tox on lower ppO2s than in a chamber.
Yes and no. If you're really diving in cold water then perhaps you're right. In warm water on OC it's unnecessarily conservative. When I'm on CC for a long dive (2 hours +) I do restrict myself to 1.2, or even on occasion 1.1, but my fear then is not an oxygen toxicity hit but the cumulative effect of high pO2 on things like eyesight.