I think this is probably more important on saw benches than handheld circular saws.
On a saw bench the crown guard should only have a smallish clearance above the timber being fed through. That reduces the chances of feeding in a finger, and of a kickback if the timber lifts off the table.
With a handheld circular saw, the guard retraction/return is automatic. Both hands are on the saw, so the chance of a finger interaction is small. Should the saw kick right out of the job, your stance and hold should minimise the chances of blade contact - and if that fails, the blade guard should close in time. However - only having a small part of the blade exposed below the job probably does reduce the chances of certain other types of blade contact accident. I do agree though, it makes many saws more awkward to hold.