Great question! For me, it depends and is 100% situational like you said. The biggest factor for me is the type of course and the type of grass(es) involved in the shot. During the #MadeForScotland trip that I won through TaylorMade (I will never stop thanking TM for that trip! lol), Darren Clarke encouraged us to always keep the ball on the ground as much as possible on links courses - you can never go wrong with that, and I 100% agree. I recently played all 4 courses at Bandon Dunes, and the same principles applied there.
However, in the US, it's definitely more complicated. So much of the game needs to be played through the air here. Living in FL for a few years and dealing with grainy Bermuda grass around the greens definitely made me terrified of chipping around the greens. I had some low bounce wedges that I had gotten used to living/playing on the West Coast that just did not work in Florida - it was a disaster bc they dug way too much. The good news is, I got *really* good at putting from like 10-30 yards off the green on Bermuda (thank you TM Spider Tour!), but I knew it wasn't sustainable. Getting the MG wedge in the high bounce, rounded/wide sole has definitely helped rebuild my confidence around the greens, no matter what type of grass - so the confidence has brought chipping back into play which makes me think about it more. I think that's mostly a good thing.
So my general rule of thumb now is that if I only need to go through green/fringe and wedge spin will hurt more than help (uphill, lots of green to go through, etc), I'm putting it just about every time. But if I need to go through "sticky" grass where the speed difference between the green and that grass is too wide, I'll use my HB 56* to chip. I'll only use the 60* if I have to get it up in the air and stop it quick with spin - I try not to use that shot too much, but it's nice to have that shot back in my arsenal!