High levels of nitrates can themselves be an issue, but fish vary a lot in their resistance to nitrate toxicity. Immune response and fertility are affected first, but still with high species-to-species variability. Nitrate is used not just for itself, but as an indicator of general pollution levels of all the hundreds of things that we do not test for - organics, including hormones, cyclic componds, inorganic mineral buildup, etc. The other pollutants will not exactly match nitrate build-up, but they should be proportional to it, so we use nitrate concentration as a estimate of general pollution in the tank water and as a check that out water changes are doing what we want them to do - which is to keep our tank water near our tap water or source water parameters.
If the tanks are heavily planted, nitrate loses its value as an indicator, as it will read lower than it would in a fish-only tank without plants since the plants use nitrate as a nitrogen source.
The EPA sets below 44 ppm nitrate as safe for drinking water. It is not unreasonable to want tank nitrate levels below that. At or below half of that level is better still - but that does still apply best to non-planted tanks.
HTH