Aside from the stress on the fluid-carrying parts, the reverser certainly loads the gears, shafts, splines, lug bolts, etc. when it cycles. Though the ehss in my 2120 CAN do a full-throttle reverse in any gear, I try to be kind to the physical parts by getting off the throttle until the loads are much reduced, then reversing. Dealer says just use it at any throttle I want to. Every part of the tractor works better when warmed up.
Shuttling in and out of a pile with the loader, though, it seems to function just fine staying at mid-throttle (~2000 rpm) and reversing. Kind of fun, actually, like you're cheating, being so used to a clutch.
As per the variants of ehss, this 1993 2120 does have a disc clutch between the engine and the tranny, that also disengages the pto in its second stage. And the rabbit/turtle for the ehss (that's the e part, I think).
Jim