Just to cap this off by pulling the points made by others together...
Yes -
fixed mechanical - which will cause a retarded condition without
appropriate variable vacuum advance to correct timing. For another example, this is why aircraft using 1940s and '50s technology (most even today) would lean all the way to just shy of rough-running (lean!)
only under 75% power as a general rule. They did not have vacuum advance, so only 'fixed mechanical'. Indeed you are correct, and why corrected timing is required for any lean running above 75% power.
Still they are at full-lean all the way to 75% power, equivalent to most of us cruising on the expressway. So, carb tuning in cars and trucks is done similar to the tried and true method used by aircraft on every flight. Below is the leaning routine established by the AOPA, used by every pilot (including me) on every old technology engine out there, with the car/truck equivalent below it. Lean isn't "bad", but we must give the engine what it needs to burn it
properly.
For us an added step for our variable vacuum advance timing, to increase efficiency and remove late-burn heat:
1. Set stable max cruise speed.
2. Lean the AFR gradually until the engine begins to run rough or surge (slow cyclic push-pull feeling). Ignore AFR.
3. Slowly enrich the mixture until the engine smooths out. This is what’s known as a “best economy” setting. Note AFR.
4. Increase vacuum advance just until maximum manifold vacuum is found. This is what's know as "lean best" timing. This is required.
5. If increased power is required (hill, passing), enrich the mixture with carb power circuits and allow falling vacuum to reduce timing.
Tada! Max economy with max power available.