This would be in the context of a romantic relationship/partnership. My overarching view of this is that I feel like in our times and culture those words have become very cheap. Seeing people treat each other like total garbage and try to put a band-aid on things by saying the magic words. Can love not be expressed by your actions, your nature, and your respect towards another person? I know when someone loves me, they don’t have to tell me also.
I think it totally depends on the relationship and the context. I also think life is shorter and less predictable than one might give it credit for. I seldom hear of people on their death beds going “I said I love you too much, f7u12!!” I also don’t think the words will ever be very heavy in comparison to the feelings and actions of the relationship. It doesn’t necessarily change the stakes of a relationship - if you lose them before or after you say the magic words it will sting similarly badly. I don’t value words very highly in their totality.