Long term, the additional detergents in the premium gas are reputed to reduce deposits and wear (as noted in the Oil Geek video).
Short term, the biggest risk in using lower octane fuel is preignition, which can melt the aluminum pistons in a very short time. Retarding the ignition won't necessarily prevent preignition since a hot spot in the cylinder can cause it. It's mildly annoying that the LC manual specifies 91 octane minimum, but I can only choose between 87, 89, or 93. Whatever, I paid a lot of money for the LC, I'm not going to cheap out on gas.
I don't have any explanation why the fuel specified for a Tacoma/4Runner would be less restrictive - ordinarily, I would expect the higher octane requirement to be the result of a higher compression ratio.
My experiences with my 3rd gen Tacoma and 5th gen 4Runner indicated that using 100% gasoline or premium fuel did not provide an noticeable benefit above 87 octane w/ 10% ethanol, but I also do most of my driving near sea level (gulf coast area).