I think maybe this is the right way to state the general principle. If you find yourself thinking “I’ll set the deadline to midnight just in case, but really I hope to get everything done by 5pm” then maybe you should seriously think about setting the deadline to 5pm instead.
It’s definitely very individualized, and maybe it depends on whether you are mildly akratic (“it’s helpful to have something reminding me of my long-term goals”), moderately akratic (“I am motivated to work on red or maybe yellow goals”), or hyper akratic (“no way am I working on this until the absolute last possible minute”), how many goals you have, and many other factors.