In my experience, if you dial in a raw tone right, you'll actually need *more* reverb and delay live and on records than you might think listening to the tone alone.
Getting hold of stem tracks from your favorite records for the first time is a business class ticket to being shocked at how wet everything is (guitars, certainly, vocals even more so).
And I've ended up being asked more times than I can count to bump delays, reverbs, and modulation effect mixes up at least 5% after we've dialed in tones solo in studio sessions. Once the band shows up and we're in production rehearsals or the first real sound check, everything gets much wetter (and usually a good bit gainier, too). So this is what I dial with a mind toward.
As long as your base tone has enough cut (midrange, sizzle, etc.), you'll probably end up using more FX mix than you first thought you needed.
I firmly believe that most people tend to dial down effects mainly because their base dry tone isn't really dialed in that well to cut in the first place. As I talk about in the class many times, the tone that really gets you going when you're cranked up alone and shredding solo is oftentimes not (read, almost never) a perfect tone for a mix, whether live or on a record. The "right" tone for your track or live mix will never get lost in effects until you get to ridiculous levels of wetness, which if I had to throw out a number from experience usually tends to be around 35%+.