The main concerns with 200 meter or smaller tracks ( Millrose Games are run on a track in NYC that requires eleven (11) laps per mile) are the tight turns & banked curves.
In order to counterbalance the negative health effects on runners feet, ankles, knees & hips, indoor tracks–at least many years ago–would require runners to reverse their running direction on alternate days. Occasionally results in a bad collision among runners.
The small tracks of less than 400 meters came about due in large part to space limitations in existing structures, or due to high cost of land and budget limitations.
200 meter tracks are fun for runners because even a small crowd makes a large prescence & a loud noise. Plus, more spectator seating space.
The additional stress on a runner’s body is evident quite quickly.
Many competitive runners achieve faster times on a 200 meter track due to the raised curves.
200 meter tracks also tend to have just 6 lanes rather than the traditional 8 lanes found on a 400 meter track. Makes training dangerous and unpredictable when not restricted to track team members. Lots of competitive runners train twice a day. On 8 lane tracks, joggers & recreational runners are often instructed by signs to stay in the outer lanes in order to avoid collisions & in order to allow competitive runners to train at their typical pace.
P.S. Many trainers claim that raised banks create an imbalance that causes additional stress to runners’ bodies. Raised banks make speed easier to achieve for those on the outside lanes.