This helpful post from @wolverine was shared in the context of SWR but perhaps a good reminder.
It shows that if you lower exposure to stocks by too much to reduce risk in the short term, it is likely to decrease wealth in the long term. In other words more years until FIRE
As always it is a trade off and the investment strategy should depend on each person’s individual circumstances. If you try to time the market and get it wrong you miss the returns from stocks