Way back in the day when I started diving, a local diver got tangled in the line for his dive flag (required by state law to keep divers safe from boaters who ignored it anyway). He drowned about 12" under the surface.
Since then I avoid using any line that is attached to me and avoid any slack in any line I use.
Pool noodles and floaty devices in the middle of a buddy line are a fine idea, but they just can't maintain any significant tension on the line. If a diver catches the line with a fin or anything else, the float will be pulled down and create slack, creating the potential for entanglement.
In limited viz, where you use it the most, the potential exists for a buddy line to snag something on the bottom. Add some current sweeping both divers down current from the snag, and things suddenly get interesting. Plus a buddy line adds nothing to navigational ability.
A reel is a much better solution as it will also lead you back to the exit/ascent point in low viz. You'd be surprised how much different a wreck can look swimming the other way, especially if it is your first time on the wreck and/or you have limited experience in low viz.
However it requires practice and some degree of training - maybe not a formal course, but an hour or so with someone who knows how to do it right. Using a proper tie off (not on the anchor or ascent line, but near it) and keeping the line tight is essential.
About 6 weeks ago I untangled an OW diver who got caught in a line run by what appeared to be an instructor trying to keep every one together and oriented. I am not sure if the diver belonged to that group or to another group, but he swam into the slack line and quickly got very tangled in the 10 seconds or so it took me to approach him. Whether he had enough slack to reach the surface was doubtful but I had him hold while I untangled him and then pulled the 10 ft or so of slack out of the line and wrapped it around a rock.
So if you do run a wreck reel or similar line, do it responsibly and do placements as needed to ensure it stays tight to avoid tangling yourself, anyone in your group or other divers who may come across it.