I do. I keep switching between browser, IDE and terminals; the first two are in light mode, if I used dark mode on the terminal the switch would be quite annoying.

The drawback is that some modern tool hardcode the colors assuming that I have a black background, making some text hard to read (especially light-yellow "warning")

I did for years and still would if some terminal applications didn't assume otherwise and make some bits of text illegible because of a lack of contrast.

Yes, I use the "Novel" theme in macOS's Terminal, doesn't hurt my eyes and handles regular terminal/ls/etc colors properly. It's not quite "light" but definitely not "dark".

I always set mine to black on a fairly light (192) grey, or sometimes grey with a hint of red (192, 160, 160)

It's even default on MacOS