I think this is a main tenet of Matt10's approach to his slider set, and I know that SGN approaches his sliders in the same way.
I'm in the camp of I wish the penalty sliders would work as intended (increasing the frequency of the penalty call), but with Madden, it just isn't the case. There seems to be some truth to the penalties affecting gameplay, and it's something you should try out for yourself.
I used SGN's latest slider set from his YouTube channel, which uses the "penalty sliders" approach, and it's some of the best Madden gameplay I've played in a LONG time. However, the downside is....not many penalties are called.
With console, you pick your poison. If you want a truly custom experience, you NEED to go to PC. I did that for the past several Madden iterations, but it does get overwhelming/tiresome after awhile. When I came back to PS5, I did a deep-dive into SGN's approach, and I've enjoyed his slider sets up to this point.