Filled binding - Binding width
I would usually do a test run - maybe only six inches or so - to see if my binding width and seam allowance width would allow the binding to wrap around enough for hand sewing or machine sewing the second stitching.
I think there might need to be a bit of width difference if one is using binding cut on the bias or straight of grain.
I used to use the leftmost setting on my pfaff 1471 ( granddaughter has it now) to determine my binding width. If hand-sewn and cut on the bias, the strips were 2-7/8 inches wide. I was using warm n natural batting.
I also prefer a somewhat wider binding.
And i stopped sewing about half an inch from the edge so the miter would fold properly.