No.

For one course I teach, being exempt from homework will ultimately result in much more stress for the student since those assignments facilitate preparation for classwork.

No.

My kid NEEDED the homework for the concepts to sink in. He also needed double time to complete it... but it had to be done at some point. The end of quarters with hard deadlines were always stressful and the last week before the end of the quarter he would go to bed at 3am.

Now in college, and doing well.

Sometimes, you've got to put in the work, OP.

Do you think the homework is purely decorative? If not, your child will struggle to keep up in class without doing the additional work.

Homework is largely leftover work from school, so "doing it at school" isn't a solution to the problem of "can't get schoolwork done at school".

Homework is optional in elementary school.

After elementary school, they can use one of their electives hours for "Resource" study hall.

Only in America.

No

OP what do you mean it's stressful? What's your long term goal? How old is the child?

Reduced problem set is fairly common. I haven't seen "no homework" before.

The student would likely fall behind peers who are practicing more than he/she is

How is that a good idea?

It kind of depends on the age/grade of the student. If the work is required in order to participate (e.g., completing an outline to prepare for a discussion) then it would be hard for the student to receive the accommodation. But if the student is asked to complete 20 math problems just for the sake of doing math problems then that seems to be an easy thing to excuse because it causes stress. Or at least ask the student to just do 5 problems.

Say doing homework is stressful for the student. Would it be reasonable for the parent to ask for accomodations that either the child will not be assigned homework or will do the homework in class instead?