The "sweet spot" of setting a chip breaker has a relationship with how thick of a shaving is to be taken.
If a smoother is being used to take gossamer, see through shavings, it can be very close to the edge. This will be helpful in the case of tricky or reversing grain.
If the plane is being used as a scrub plane to knock down twist and high spots, the chip breaker should be set to the back of the camber. The problem with this can be with a small radius on the blade's camber, the chip breaker may be back too far to properly use the blade adjuster. Some will modify the chip breaker to work with this. My solution is to use a larger radius.
Attachment 513734
These blades, from left to right are used in a #5, a #5-1/4 & a #40. The #40 of course doesn't use a chip breaker.
For my other bench planes there is very little to no camber used on the blades. A plane taking very thin shavings, 0.0015" or less, tends to not leave noticeable tracks. it is also possible to give an extra stroke or two at the edges of a blade so the edge of the shaving tapers off to nothing.
Here is an old thread on that >
https://sawmillcreek.org/showthread.php?158373
jtk