Hmmmm.......I feel like the odd one out here as I like mine as tight as I can get them?
You might get away with that with new cleats
and if you never have to do emergency dismounts. Otherwise ...
I got distracted when fitting new SPD pedals to a bike and missed loosening one side of one pedal. I had slightly worn cleats on my shoes and it turned out to be a really dodgy combination. I had been clipping in and out happily during a ride (presumably because I had randomly kept getting the loose side of the pedal in question) but then I came to a very steep climb which I failed to get up. I rushed to unclip one foot but it was stuck fast on the pedal!
I very nearly toppled over but somehow managed to lean to the other side and unclip the other foot in time. I had to get another rider to twist my heel for me because I couldn't turn it far enough without help.
PS Someone pointed out to me afterwards that I could have taken my foot out of the shoe and twisted it by hand myself. I didn't think of that!