I think for most milling cutters, good-n-tite is fine. However, there are some cutters that need to run accurately, like woodruff keyseat cutters, and those benefit from all the accuracy the chuck can deliver; that includes torquing to spec.
I have a Keo woodruff cutter that was confirmed by Keo to be accurate; I know this because I couldn't get the first one I bought to run accurately and I thought it was the cutter so I contacted the President of Keo and asked that he arrange for an accurate cutter to be exchanged for the one I bought. He did exactly that. That cutter ran out 0.0005", which is a lot for a keyseat cutter. It produced a slip-fit on the key. Knowing it wasn't the cutter, I suspected my tool holder.
I changed to a Chinese ball bearing ER-32 nut and cranked it down. Still 0.0005" run out. Then I changed to a Techniks collet with the same nut and got 0.0002" run out. Then installed a Rego-fix nut and torqued it to spec with a stupid motorcycle spanner adapter I had and the run out dropped to 0.0001". Then I got an interference fit like I expected.
I learned that accurate collets matter. Accurate nuts matter. Torquing matters for cutters that must run accurately. I had several days of work invested in the lead screw I was working on so it mattered that I got the key seat right.
I think for standard cutters taking hobby guy sized cuts, tightening by hand is fine but as I said, there are times ...