Could you please elaborate on that a little more where you could introduce physical fragmentation here.
Just as you said, it's going to happen if you're releasing free space and especially if you're using small growth increments. I've seen a few places with shrinks as part of their "maintenance plans", and these three decisions often seem to go together. If you're not doing that then I don't think you'll be having much impact on disk fragmentation. You'll just be wasting time 😉