This problem involves performance, precision, code stability and player perception, so there are no hard and fast rules applicable everywhere, and certainly do not need always to be fixed in concrete. A game can mix variable dt and fixed dt in different subsystems (render, logic, physics, user input, network, ...).
I have even managed to dynamically change these settings and parameters on the fly: which subsystems use which method, the lower and upper limit for variable dt, number of iterations per render frame, and even value to use for fixed dt, all adjusting depending on framerate and state of the game.
A classic example of this is, during a big explosion you may need maximum precision on physics (fixed dt with low value), can afford variable dt on behaviour and interface (since stuff is just blowing up in the air), and can benefit from a low maximum dt that causes a bit of slow-motion (John Woo style!).
When you're doing multiplayer there's a lot less you can afford to change, because you need to keep timing sane and synced across clients & server. Everything depends on the game, the engine, the platform, and the dynamics of what the player is seeing.