Even for something like Planetera, you'll typically get more out of Lucky than you would Menacing. Let's take a ranged damage character as an example - they attack the most often at basically all points in the game (barring Baghnakhs) so they're a great showcase.
Chlorophyte gear will be worth the following:
21% ranged damage (16% ranged + 5% all)
15% critical hit rate
Chlorophyte Shotbow has a base attack value of 34 and fires 2~4 arrows, so we'll average this to three arrows per volley.
(For comparison, Hallowed Repeater has 43 base attack.)
A Holy Arrow has 13 attack, and also drops an extra two projectiles.
Holy Arrow x Shotbow is, on average, 47 x3. (Repeater is 56 x1. We won't be talking about it anymore.)
At this point, it's fair to assume you'll have the following accessories:
Ranger Emblem (15% ranged)
Avenger Emblem (12% ranged)
Magic Quiver (10% Arrow; multiplicative with other boosts)
Utility accessory 1
Utility accessory 2
Utility accessory 3
We now rest at (21+15+12)*1.1= 52.8% modifier, bringing the Shotbow up to ~72x3 damage, with each and every attack (arrows + Hallowed Stars) having a 19% chance to deal doubled damage, leading to a theoretical ~83 average damage per arrow.
If we were to go full Menacing on all our accessories, we'd add an extra 24% modifier to the pool - this brings us to 79.2% modifier. The shotbow now has ~77 base damage per arrow with a 19% critical hit rate, bringing us to a theoretical average of ~91 per arrow.
Meanwhile, with full Lucky, we add a flat +24 to the critical hit rate, so instead of a 19% critical hit rate, you have a 43% critical hit rate. Our theoretical average damage is now at a staggering 102.
We simply get far, far more raw damage modifiers than we do critical hit modifiers - and that's why Lucky is much more valuable.
Later foes may have higher defense, but to compensate.. we have stronger weapons.
My calculations may be slightly off, but regardless of that, it still holds true in practice. I tested ages ago back in 1.2 days and full Lucky was still more average DPS than full Menacing, and that hasn't changed - in fact, it only stands truer now that our attacks hit both faster and harder.
[1] Damage is not exact; this didn't account for Plantera's base Defense nor the damage variance built-in (roughly 0.85~1.15%).
[2] In the case of Melee damage, I recommend a healthy mixture of attack speed and critical, depending on how close you want to get to the target and how quickly your weapon swings. If using something like Daybreak or Flairon, Lucky still stands tall.