Basically, you should aim to minimise complexity in software design, but importantly, complexity is defined as "how difficult is it to make changes to it". "How difficult" is largely determined by the amount of cognitive load necessary to understand it.
I think it's a pretty good compromise. I have tried in the past not to duplicate code at all, and it often ends up more pain than gain. Allow copy/paste if code is needed in two different places, but refactor if needed in three or more, is a pretty good rule of thumb.
Sometimes you do have the domain expertise to make the judgment call.
A recent example that comes to mind is a payment calculation. You can go ahead and tie that up in a nice reusable function from the get go - if you've ever dealt with a bug where payment calculations appeared different in some places and it somehow made it in front of a customer you're well aware of how painful this can be. For some things having a single source of truth outweighs any negatives associated with refactoring.