Sure, if the deferred tax effect is minimal, it's just noise that you can safely ignore.
For me, it was anything but minimal when I first was heading toward FI. I had employee stock options and the company was going like gangbusters in the dotcom boom. I had a limited time frame to exercise the options, so I couldn't spread out the gains, which would be regular income as they were NQ. That meant much of them would be taxed at 39.6% fed and 7.75% state.
In calculating my readiness for retirement, should I value them at ~$4M, or at ~$2M after taxes were paid? It seemed very obvious to use the after tax value, so I made that calculation in my "net worth" spreadsheet for investments. And by the way, I did exercise a good amount of the options before the bubble burst, and even after that some of the grants still had decent value.
Once I did that, I looked at my other investments. My 401K wasn't really going to give me 100% of it's value in 25+ years before I could touch it, so I estimated the tax rate at age 59.5 and beyond, and reduced it's value. And I had lots of gains in some of my taxable investments, so I applied the LTCG rate on them and reduced them. By doing all of this in my spreadsheet, all I had to do was update the values and the unrealized cap gains and the calcs would give me the assumed value I would have when I withdrew from the 401K and sold stocks. This still seems a lot easier than trying to recalculate a retirement budget that included taxes to liquidate those holdings as the value of those holdings change.
Today I still use that logic in my spreadsheets. The effect is about a 10% reduction in my net worth. I have more buffer than that, but I still like seeing a more accurate number reflecting the amount of money available to me.
Another bonus is that it makes Roth conversions more clear. I've seen some posts here where people hesitate conversion because of the tax to be paid. With my spreadsheet I see the same net worth before and after conversions, because the tax money was already factored in.
Someone earlier said it if your investments go up, you probably won't need the money, and if they go down the unrealized gains will decrease and not be such a factor anyway. Well, it's take a heckuva drop to cancel out all of my gains, so the latter isn't true. And as my investments have increased, I've seen that I can "blow that dough" safely without worrying that I haven't considered the tax effect or selling/withdrawing to pay for luxuries.