I've always felt like leveling up too much makes the Souls games a bit too easy. Granted, I'm already level 30 in DSII a few hours in (which is 5 levels higher than I ever went in DSI), so I'm sure it will be different for me this time, but I'm still wary of significantly reducing the difficulty through brute force.
I get what you're saying but leveling is a bit different here. You'll naturally be a higher level by the end of the game than an average playthrough of the first game unless you intentionally didn't spend your souls / bought a shit ton of other things instead.
OK, that isn't so bad.
5 Times per playthrough? That seems reasonable.
It's incredibly generous considering the series never let you do it before (in a friendly way anyway). I feel like they give you so much because the PVP mostly happens in NG+ now. Was pretty easy to make a character in DSI and get them into PVP right away. Now you might as well modify one of the characters you already have.