I bounced between both methods for a while because every guide seems to say something different. After a few closings I started looking at it more from the plumbing side instead of the water level itself.
These days I usually lower the water just a little, somewhere around the lower half of the skimmer, but I don’t worry about getting it perfectly below every return jet. The bigger thing for me is the blowout. I keep the blower running until the returns stop doing the big bubbling and start that dry misty sputter, then I plug them while air is still pushing through the line. That’s usually when I know there isn’t water sitting in the pipe anymore.
One reason I stopped draining too much is winter weather can move the level around more than you’d expect. Rain, snow melt, even a little evaporation can shift it over a few months. One year I dropped it pretty low and by spring it had fallen enough that the skimmer area was almost exposed, which made the pump a pain to prime during opening.
I’ve also noticed when the water level stays a bit higher the cover seems to sit better through the winter. The water underneath supports it so you don’t get as much sagging when rain collects on top. As long as the lines are actually empty and sealed, the exact inch of water line hasn’t mattered much in my experience. Curious if anyone here has actually had a return fitting crack from ice, or if it’s usually something deeper in the plumbing that freezes first.