I'm generally in favor of a no-late-work policy, but I personally am someone who really, really needs external deadlines to stay on track. I've got a professor this semester who's got six assignments based on the textbook that he made due on the last day of the semester but that we can complete at any time - that's like, my worst possible setup for getting things done on time. Echoing what the article said about drawbacks - "One student explained that it “gave me too much room to procrastinate,” and another said they had a “hard time finding motivation to complete things.” - I will procrastinate to kingdom come given the opportunity, so to some extent I need to not be given the opportunity.
To me, an ideal solution would be something like a perpetual extension policy - communicate VERY CLEARLY verbally in class and on the syllabus that you'll give a basically endless extension to any assignment /given that/ we requested said extension, say, at least 24 hours in advance (or less?). If you want to make it even easier, the requests could go through a google form or something like that. Obviously not a tested strategy, but I think that would allow students to take time on assignments they need time on for any reason, as well as keep some semblance of deadlines. I don't know, is that the type of happy medium that has the problems of both but the solutions of neither? Not a clue. I don't study educational psychology.