I wouldn’t characterize it that way at all. A reach is defined by the likelihood of acceptance, not necessarily by the ability of the student. A student could be more than academically capable (e.g. in the top quartile of the distribution) and yet still be rejected by the college.
IMO, the best academic environment for a student is one where s/he can be sufficiently challenged by her/his peers and is able to keep pace with these same peers.