It really depends on what stage in the cycle your tree is in and what you want from it.
Is it still in development? Do you want thickening and extension? Was the tree worked heavily earlier in the year or perhaps even the previous season and needs the energy boost from increased foliage? Was it recently repotted with lots of root work? These are indications to let it grow and cut back later.
Is it in refinement or finished? Do you want to encourage back budding in that area? Does the branch not need to be longer or thicker? Is that area getting out of balance with lots of vigor while other areas aren't showing as much vigor? Cut it.
I will also say, it's a good idea IMO (at least very generally) to either cut new growth early or cut late. If you purposely let it grow out or missed your window the tree has expended energy into that growth, give it some time for the new growth to return that energy investment and wait until later in the season to remove it. Doing so very soon after it's grown way out, or worse yet hardened off, means the tree expended that energy and won't get a return on that investment if it's removed soon after. That might not be a big deal in a tree that is extremely healthy and vigorous or it is an overall small percentage of the foliage, but it's something to keep this in mind when determining when to cut back a lot of overgrowth if you missed getting it early on.