With foliar sprays there's the risk of burning the foliage off.. Which leaves you with a trunk.
In laboratories we plant cuttings, plants, explants etc. On fertilized media because they grow and recover better and faster.
Somewhere in the timeline, science has surpassed that bonsai knowledge but very few people picked it up.
Overfeeding out of inexperienxe can be an answer to why it's better to not feed. Just like with the foliage.
But I can't think of any other good reasons not to fertilize.
If you know what you're doing, I don't see any reason not to fertilize the soil.
Nitrogen's detrimental effect on root growth is very species specific, I have never seen the adverse effect some people speak about in practice, in 120+ species.
I mean, if you dose N on the low side, your plant is slower to root but also slower to build foliage.
If you dose N on the regular side, you get normal rooting and normal foliar growth.
If you dose N on the high side, your foliage will grow like crazy and.. That can't happen without roots.
So how does that detrimental effect work actually?
And should we care for a small difference?
I found for eastern redcedar (j. Virginia) that 20ppm or more Nitrogen actually maximized rooting, but only B and K were significantly related to rooting response (Henry, Blazich, Hinesley, 1992). There are a lot of plants that benefit from (light) doses of nitrogen. Don't trust my words on this, have a look for yourself, and draw your own conclusions. Scholar.google.com is a great place to start.