We're not worried about spm. What we want to do is move boats fast with as little effort as possible: technique.runners, swimmers, cyclists are a lot less preoccupied with spm.
For rowing we begin training at low ratings, because this lets us put the blade in the water at the right place and go on for hours to acquire technique. Technique makes the boat go fast and hardens the stroke; then we can train for endurance, which then lets us train even harder. There's no need to rate high in this sequence: it would be called running before we can walk. We increase rate last of all, when all conditions are in place.
Sports that involve speed probably all have a cube law: so even 10% reduction in rate, if it leads to 10% reduction in speed, implies 30% reduction in power. So 10% less rate is enough to drop from race power to endurance training power; without a stopwatch this 10% will be invisible. It's not exactly the same afloat or on the erg, in part because of the losses at catch and release that increase proportion at high ratings; it's much easier to get the blade in and the handle pulling at low rating.