Please see the titled question.
This Reddit comment asks a related question.
So does going deep ITM reduces the risk but also reduces the return on the investment in case the stock spikes up? Since even though the delta is higher, the premium is also higher by a lot?
Sort of. I definitely view it as a safer, lower risk/lower reward bet.
An OTM LEAP (like the 120c cited above) has a delta of 0.56 whereas my LEAP has a delta of around 0.80. Meaning if AAPL slowly crawls up towards the ATH it hit a couple weeks ago, the deep ITM LEAP will make more than the OTM LEAP. The advantage there is you could also elect not to hold to expiration and the ITM LEAP will be more profitable.
You pay more upfront for the intrinsic value on the ITM, but you get that intrinsic value back when you sell the LEAP or get assigned the shares. Let's take the exact example as the 120c above. The 80c costs \$41.50 right now while the 120c costs \$23.00. If AAPL hits \$130 at expiration like the person above postulated, the deep ITM leap would net you around \$900 in profit while the 120c wouldn't break even until \$140 per share.
Final Bonus: With the deep ITM LEAP you can set up a PMCC [Poor Man Covered Call] by selling weekly Covered Calls against it. I like a 0.20 delta strike so that even if AAPL pops the whole spread makes money. And each week I'm collecting premium for the calls to lower my cost basis.