Under ideal conditions any wearing surfaces have a finite life, industrial bearing manufactures usually express the anticipated life of bearings in number of revolutions under ideal load conditions.
In IC engines most of the bearings loads are far from ideal, thrust from compression, combustion, out of balances forces, changes in temperature all add up to a tough life.
So it is true to say they will have a finite number of revolutions, shortened by any abuse.
Changing down the gears to generate a retarding force dates from the days when brakes were not very good.
From the same time drivers used the gearbox when coming to a halt, going down through all the gears in turn.
But with modern brakes being much more easily able to dissipate heat using the brakes would seem to be the better option.
On the grounds it is much cheaper to replace brakes than it is clutches and gears, it would appear to be better to use the brakes.
Having said that, I am from the generation when brakes easily overheated, when you have experienced brake fade you never want to experience again!
Which means I still use some engine braking on long descents but with the major braking coming from the brakes.
With 5 speed gearbox I would use 4th where on engine only I may have had to use 3rd or even 2nd.
I think, I was taught (or it may be a habit) to use the highest gear the engine is comfortable with for normal driving.
If acceleration is wanted, then lower gears are needed but as soon as acceleration is over it's back to the highest gear.