Under what conditions is it safe to use innodb_flush_method = O_DIRECT_NO_FSYNC?

There seems to be some contention about whether one should use innodb_flush_method = O_DIRECT_NO_FSYNC on XFS or EXT4, and MySQL 8 even turns this on as part of the innodb_dedicated_server=y option.

What filesystems safely support this option, and under what conditions or mount options?