The key point, as you say, is that operating in log space is computationally useful if we are doing a lot of multiplications. However, it is erroneous to expect statistics computed in log space to be equal to that computed in the original space.

Meucci’s paper is more about mistakes in estimation. Mean-variance utility is either a quadratic on wealth or a consequence of normality of returns. Using log returns to compute utility implies computing utility of log of wealth and it is not the same quantity. The mean-variance utility function is not a linear transformation, therefore the effect on log-space is not “equal”.