Valid points! In my experience, when someone has foreign key constraints in their database, they tend to develop their apps in "trusting" way. Meaning, the app trusts the DB to maintain referential integrity. When you do the three step breakdown, you remove that integrity, and the app doesn't know any better: it keeps feeding the database with data, the database says "fine", and the app assumes referential integrity is preserved.
This is why in our design PlanetScale will not take upon itself to do this three step change. The user is more than welcome to break this into three different (likely they'll be able to make it in just two) schema changes. But then the user takes ownership of handling unchecked references.
> making data changes that might look invalid until all data changes are done
In effect, the data _will be_ invalid, and potentially for many hours.
Now, it's true that if the user messed up the data in between, then adding the foreign key constraint will fail, in both PostgreSQL and in MySQL. To me, this signals more bad news, because now the user has to scramble to clean up whatever incorrect data they have, before they're able to complete their schema change and unblock anyone else who might be interested in modifying the table.
Personally, my take is to not use foreign key constraints on large scale databases. It's nice to have, but comes at a great cost. IMHO referential data integrity should be handled, gracefully, by the app. Moreover, referential integrity is but one aspect of data integrity/consistency. There are many other forms of data integrity, which are commonly managed by the app, due to specific business logic. I think the app should own the data as much as it can. My 2c.