It is in-fact more important to go high percentage shots, and less "pushing limits" when the opponent is of equal strength, especially at below pro level. The guy playing low %, will wins some "wow" points. But eventually the percentage plays its part when the "strength" or skills are equal. As many pointed out one player loses eventually, the the one who loose most probably would be the "pushing the limits" lower % guy. The guy who knows to hit "neutral" balls most of the time, would wins against the guy who hits only defense or offense.
Now once you reach pro, both players understand the % game, and then "calculated risks" at specific points rewards the winner, which is infact more of a mental skill than anything else. At rec level, even when players insist that they know the "%" game, they really don't in practice.
Another time you can go for low % game is, against a higher skilled opponent. So theoretically the higher skilled opponent would win most of the "neutral rallies" since his neutral is better than your neutral. In this case, taking some risk, may reward you, and it is not a bad options since you were anyway expected to loose.
If I am equal to my opponent, he'll need to push his limit too, ie going for the lower % shots, to get out of stalemate.