I think it's safe to say, all these pages in, that the term 'Liquid Glass' also refers to the awful GUI and UX changes that Apple made to showcase it, as well as the bugs that these changes brought. So, in my view, LG = Tahoe as a whole so reducing transparency doesn't really address many of the UX issues and makes Tahoe look like less of an upgrade over Sequoia visually, which is the opposite of what Apple was going for, despite LG and the new GUI elements looking like a 3rd party theme.
Without the LG effects, what good are these awful menubar buttons? How about those rounded corners, will there be a slider and or toggle for them? What to do about the ugly and forced squircle icons? Speaking of LG, why don't buttons look like glass? Why don't they look like pieces of glass getting pressed in when you click on them? Why are there flat circles over them (when hovering) taking away the illusion? Why aren't the gigantic traffic lights glass? Tahoe is a mess and it doesn't have to be, and it's not just due to LG, but how it was implemented, and how inconsistent it is.
Tahoe should've been closer to visionOS (minus the round icons) with it's layers, depth, and frosted, matte-looking glass that looks like glass, but very easy on the eyes regardless what's underneath it.