It depends on what ends up being the most limiting factor. With low-powered lights like speedlites, there is no guarantee you can overexpose a large enough area of a grey wall while still staying at the shutter speed, aperture and ISO you want to use. If you are happy cranking up the ISO, what you say is true, but I'm assuming for portraits that keeping ISO low is a consideration.
Also, if your setup looks like Malveaux's test shots, where the subject is actually sitting on the floor of the infinity sweep, grey isn't going to be able to be used as white.
For subject on gray bg, agree would be really hard to make it white. But for bg, personally a hot shoe is plenty IMHO. You have aperture to play with also. Not everything needs to be f8 for portraits.
Here is simple example. Just regular wall as bg. One light at very very low power. Not exactly the case we discussing here but a lot can be done easily with speedlite (even though I don't use them). Main issue with speedlites is making them fill the modifier but with in-direct ones it is quite easy. And adding that flash head deflector helps even though it eats more power.

Exposure was set to drive virtually the entire b/g to FFFFFF: white BD, 150Ws, ISO 100, f/8. Subject was flagged except for the front of the face, where light was diffused by a panel and stray light scrimmed. Backlighting nonetheless acts as a light source.




