Takebacks in ranked?

Should I enable takebacks in my preferences?

It honestly depends on how willing you are to jeopardize your chances of winning in order to give your opponent a second chance for a silly mouse movement, I myself am usually pretty willing to do something like this, but when others aren't willing to return the favor or are just abusing the "oh i mouse slipped" card to get a cheap win that honestly infuriates me. Enabling the button allows people to try and guilt-trip you, if you feel like you can't trust future yourself / future others you should disable it.

I disabled it because people abused me with it in the past. Some asked for a takeback when I have very little time on clock to distract me and make me lose on time. Some asked for a takeback to annoy me and made the same move again. Some abused me in chat and wrote nasty things.
The worst thing is that I reveal my plans. If a takeback is granted, all my calculations and future move plans are wasted and my opponent knows exactly what I plan to do next. Takebacks would give my opponents an unfair advantage because they would know how I would respond to a move before they make the move.
To illustrate my point: imagine you practice in puzzle training and you know the exact computer responses for every possible move you can make. Would it make the puzzles much easier for you?

Yeah, I get you completely, kind of a waste of everyone's times, but I do believe throughout the games the move times are stored and when take backs are granted the clock times go back to their last standpoint, ie. i play b4 then wait for 20s, ask for takeback, they accept and it goes back to your move before i played b4 and you got your 20s back. However I completely understand the frustration of someone nagging you about a takeback and wasting calculations and just overall douche-ness when it comes to this feature.

Agreed, I was always taught that it is generally considered bad form to request a takeback. The only time I allow a takeback is when my opponent has obviously mis-clicked, i.e., the move was erratic and highly out of character for said opponent.

I disagree with @Isegrim_Wolf #17 comment.
The only good time to allow a takeback is when you intend to publish in the forums a screenshot of the chat associated with it like @Oscaz1 did in post #9. This is great entertainment purpose!
The only problem is that it's difficult take screenshots, save them, upload the screenshots to imgur, copy and paste the imgur link to lichess forum. Perhaps it's worthwhile to learn to do all these things.
However, learning how to do all these things and actually doing all this takes away valuable time which is much better spent in playing chess.

Can a pitcher take back a pitch? Can a soccer player take back a kick? Can a football player take back a pass?

How about if they "slip"?