Reb Eliezer-The SA gets that language from the gemara in breachos. It means that whatever power and effectiveness your tefila had during the proper zman of tefila is gone, done, finito. You BLEW IT! That is not a heter to say if you want you can daven whenever you want. I aint no talmid chacham but I don’t think that the message of the gemara is that you can itentionally wake up every day past the proper zman and disregard all the halachic discussion about the proper zman tefila. It does not mean you get bonus points for davening before 10:30 AM.
What would you say about someone who does not wear tzitzis ? Its OK bec. they don’t need to wear a four cornered garment? Wearing a yarmalka has even less significance. It seems odd to be makpid on many non-halchachic issues but to totally ignore a whole section of shulchan aruch.
It is one thing if people say “What can I do, I have a hard time waking up in the morning” vs. we hold beshita that we will make a minyan past the time that halcha dictates. . How is that any different than the shita of the Reform and Conservative movements?