Well, if reducers fit the bill then there’s no real harm in using them – the spanner flats are to ‘wring’ them out, BTW.
Note that ER32 collets only go up to 19mm in the standard range – you used to be able to readily obtain sizes up to 25mm or 1″, but they don’t seem quite so common these days. ER40 will go up to 25 standard.
There are advantages of a collet chuck for workholding; as well as (generally) better concentricity, they have a firmer grip with more even pressure, so work is less likely to ‘spin’ or get crushed, don’t mark the work, and of course there are no whirling jaws if you need to use handtools to finish or form shapes on a workpiece. I use mine a lot.