I think this is a really interesting topic. Transcribing has always come naturally to me and it was something I was grateful for when I learned it's what jazz musicians are "supposed" to do. It helped answer so many questions and fill in so many gaps, and it inspired so much exploration for me. I transcribed a ton in college, entire albums worth of Coltrane and Cannonball solos, Chris Potter, Lee Konitz, Mark Turner, Wayne Shorter, all my favorite sax players, as well as lots of great guitarists and pianists: Mulgrew Miller, Kenny Kirkland, Jimmy Herring, Red Garland, etc.
But along the way, two huge bits of advice from two heroes of mine ended up hitting me reasonably hard. First, in a masterclass with Chris Potter, he talked about how important it was for him to invent his own exercises. He'd write a line he liked and learn it in every key and every octave on the horn. Later, I took a lesson with David Binney, and his advice was even more individualistic: to paraphrase, essentially, "find what's weird about your own playing and develop that more than anything else." And that goes along with Liebman's advice, in my mind: spend a lot of transcribing as you develop your foundation, but then be as inventive as possible as you develop a personal sound that emphasizes what you in particular like. I think all those developmental experiences are key.