Yes, when you punch a SL-L, you are fixing on the price. However SL-M orders hits the market as an open order and the fill depend on the bid-ask spread. Higher the spread, higher the slippage.
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If you do not set the SL-L range properly, your order may only be partially complete or fully open if breakout happens. It will be a total mess, with huge loss. If liquidity is good enough, setting SL-M is better.
In case you are setting SL-L in profit zone, then it is ok, I believe. Otherwise you should use SL-M to avoid breakouts or spikes.