Since this is in the context of benefits for older people, Stuart McGill, a back expert who has helped lots of power-lifters recover from major injuries, recommends against going for higher and higher PRs as you get older:
https://www.youtube.com/watch?v=tM599A6wUAw&pp=ygUXaXMgZGVhZ...
(What's not clear to me after watching the video was if just doing moderately-heavy sets of 12 would introduce the same kind of risk he's talking about.)
ETA: The kind of injury he's talking about is decades-long cumulative bone and joint injury that only starts to be noticeable once you're 70. (Unless you're a wordl-class competitive athlete, in which case you notice a lot earlier.). Early in the video he talks about 50-year-old powerlifters coming to him, asking how they can continue to do PRs into their 60's. And he says, basically, do you want to do PRs through your 60's, or do you want to be able to get down on the ground and play with your grandkids when you're 85? Because I can help you do one or the other, but I can't help you do both.
One of the points he makes frequently in his videos is that while bones can get stronger, similar to muscles, the rest time they need to actually recover from being stressed is a lot longer; something like 7 days. And so if you're deadlifting PRs for years and years, with only 3-4 days between maxed-out sets, you're going to be accumulating micro-fractures in your vertebrae, which will eventually catch up with you.
Anyway, def worth the watch.