When I cut wood 1/2" or less thick boards, I set the blade teeth tips just above the wood surface. For thicker stuff, usually something on the order of exposing the whole gullet. No matter what the setting, general safety concerns and controlling the board during the cut is paramount.... This includes *knowing(?) the board. Common sense safety includes knowing your saw, as well.
Knowing the board - Lots of my boards are salvaged or rough cut from the log, so gauging how a board will react during a cut is important, especially with my rough cut stuff (I've had logs milled.).
With salvaged boards (from experience!!!), I'm always more aware, these days as compared to when first starting out, of the prospect of hitting a nail or such. Blade height may be of some relevance, here, but I've learned to not be so surprised if I hit metal. I've kind of learned to *expect to hit metal with some boards, so I'm prepared for that "action", as best I can be, during the cut. Controlling the board and your wits are more important, to me, than blade height. Also, I have a cheap blade on one saw when I expect to hit metal. Finish or clean cutting is done on another saw with a WWII blade.
Generally, I suppose in my cases, blade height is not the most important thing to regulate.
Sonny