My company has a similar policy and it’s worked pretty well, but has some downsides.

A big one is that being a smaller, super ambitious startup means that we are shipping at an incredible rate (yay). However, the fidelity of our planning has declined quite a bit because we’ve taken the time previously allotted to meetings and increased our overall throughput with it. Because of this, there’s more deviation from what was planned and designed to what was shipped and there’s less alignment across teams, so it’s harder to coordinate feature development. Overall, we’re shipping stuff that tends to churn faster, but the hope is that it’s just temporary.