Mid-term Planning

Let’s talk about mid-term planning. The question “How far can we plan?” has been raised many times in recent years. Obviously, organizations that would like to be flexible and responsive cannot plan for a year or even 6 months. Some of the scaled Agile frameworks suggest organizational cadence which is comprised of several iterations/sprints. As a result, many organizations plan for a few iterations in advance. In most cases it would be for 10 to 12 weeks and mid-term plan will be at the Feature-MMF level. However, during these days I hear more and more teams say that this period is too long… there are many scope changes and therefore planning for more than a sprint or two (even if it is at the Feature-MMF level) is useless and creates waste.
What is your experience? For how long do you plan?