I've never seen anything published in an ASTM or Mil-spec on forging reduction ratios. I've seen one application that successfully uses 3:1 for a Ni-Cr-W alloy steel. I think it may depend on what is design intent is. If all you want to do is heat & beat something into a certain geometry, forging temperatures and reduction ratios are not too important. If the intent is to optimize the subsequent microstructure and grain morphology, that's another matter. The variables are material chemistry, forging temperatures and reduction ratio. Higher reduction ratios are good for mechanically breaking up any dendritic structure from the original cast ingot and constantly creating new grains out of the old ones (the definition of hot working). Typically it’s the last pass on the press, when the temperature has dropped close to the A1, that (I think) leaves some strain energy in the material for further grain refinement during further heat treatment.
So in summary, more forge ratio = finer grains = better chem homogenation = better mech'l properties. Is 3:1 enough? Probably yes. Is >3:1 better? Yes, maybe. But there are diminishing returns, economic factors on press cycle time, reheating, etc.