I found this worked really well in practice. We actually talked more as a team compared to the ones using a fixed process with recurring meetings or "ceremonies", but the discussions were consistently useful. There was a lot more time spent figuring things out together and developing a strong shared mental model for what we were doing—some non-trivial but not quite research-level machine learning work—and no energy wasted on glorified status updates that only one person on the team cared about, or "syncs" that became increasingly less useful week-over-week.
Most other teams I've been on had this seemingly contradictory dynamic where we had too many meetings but also did not talk nearly enough. It's amazing how a bunch of recurring meetings can take up a bunch of time and attention, but somehow not leave enough space to dive deeply into non-trivial technical or strategic questions, or meaningfully talk about "meta" team topics.
A real risk is that a recurring meeting can pull out the oxygen in the room to talk about a given topic. It's too easy to put off talking about something important until the next scheduled meeting—by which time you have less context and less time—and then, if the recurring meeting isn't long enough to go deeper, the discussion gets put off even further. A team I worked on recently had a quarterly "retro", never had enough time to cover anywhere near every "retro" topic we actually needed, but also didn't consistently talk about that kind of topic outside the retro. We'd just wait until the next one rolled around. (Worse yet, this still put this team ahead of a number of other teams I've seen...) In contrast, the best teams I worked with never had explicit retros because we just talked about things that needed talking about as part of our day-to-day.