In aquariums we normally stress the nitrogen cycle, and that is because it is about the only cycle, we as aquarists can easily control, with bio media nd its biofilm of beneficial bacteria.
In nature there is also the phosphorus cycle, the sulfer cycle, photosynthesis and many more cycles at work that contribute to the exchange and cleaning water in any non-polluted system.
There are also myriads of micro to macro animals that help break down organics pollutants we really don't normally have access to.
Add to that the constant movement of rivers, rain, flow in aquifers that constantly put fish in perpetual water change.
The Amazon river flow over 12 million cubic kilometers of water every minute ("1" cubic meters is about 250+ gallons).
So to me, the idea that any aquarist can do of too much a water change borders on the ridiculous.
As LBDave said above, I try to do 30%-40% ( a pittance) every other day, based on pH, alkalinity and nitrate trends after years of testing my tanks. If I test tank water, and nitrate readings are above 5ppm, I do a large water change.
5 ppm nitrate, or a sudden drop in pH of 2 ,or alkalinity of 20ppm being my high/low end indicator points.
I have done nitrate tests daily on raw Lake Michigan waters when I worked as a chemist for a large drinking water facility, and I have been testing natural waters here in Panama lately, I have yet to find detectable nitrates here, or way back when, in Lake Michigan.