You are legally allowed to yell "FIRE" in a movie theater. The idea you're not is a myth from a early 1900s supreme court ruling.
https://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=1...
https://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=1...
So it's a "myth" only in the sense that it is a sure marker of a dishonest argument: if someone uses it in speech, they are almost certainly using it to try to justify something which is not the same thing at all.