Just found this thread facing same question as I'm looking at a cheap 220 insert. Unfortunately I am now convinced this thread is parallel to Pentax 645 on same issue. The sole difference is that P645 is motor driven, thus ALWAYS exerting more load on the motor when 120 film is used in 220 insert. Mamiya is normally hand cranked so one can take things "easier" when advancing. However, it is funny to read all comments accusing Mamiya of BS regarding extra wear. Back when these cameras were new and under warranty, such use would void warranty on every piece linked to such use, so Mamiya had an obligation to state the warning. These days it is no longer a consideration.
So P465 and M645 can have 220 insert altered easily to fool camera's counter, but both have pretty much same plate design and both are NOT meant to be used with 120 film on 220. I'm sure it does work on both systems, just not as intended. All arguments are sort of valid, given limited use (not the old pro style many rolls a day) thus far lesser additional wear, but unless I'm in a dire need to use a 200, I see no reason to.