Stop Loss does not always work. I would say that in critical situations this is a useless function, since the same Binance throws huge volumes every second and Stop Loss simply does not have time to work. You just watch as you lose your position.
Yes, I have heard that sometimes stop loss does not work. But, I never faced this issue. It's probably because I am not a regular trader. But it should work most of the time. Sometimes, if it does not work, it's your bad luck. But, I guess using the Stop Loss and Take Profit feature can give you some relaxation when you are on a ride or doing something while trading.
But if someone takes considerable x leverage, they should not rely on those features but sit in front of their desktop so they can act accordingly. Usually, I do not open trade. But whenever I open a position, I always utilize the stop loss and take profit feature.