On my 56cm Silver QB I currently have VO Smooth 45mm fenders installed and am riding 38mm Gravelking slicks.
Set-up was real easy, with no crimping, surgery, magic/sorcery, or exceptional skill required. Was not my first fender install, nor am I a pro-mechanic. I rode a whole winter + subsequent year with no problems so far. (Before, I had an orange 54cm QB and used SKS P55s - those I had to bend, and came off forever when I switched sizes in 2020)
So the clearance with my set-up works, but it is what you would expect from such a tight tire-to-guard gap. I feel fine about it because this iteration of my QB does not see much off-road or mud. I use PDW safety tabs for potential stick pick-ups, and also because it makes rear wheel removal easier (although the photo attached was taken before the front set of tabs went on early winter 2021).
If I recall correctly, plastic fenders tend to move around more while riding than aluminum, and create occasional rub when using limit-pushing tire widths. Worth considering.
(An anecdote: Paul Minimotos clear the fenders just fine, and play with that front Nitto 32F rack nicely. There's a Touring Canti on the rear because another bike has the matching Minimoto on its fork.)
Patch, who'll be using mudflaps in NYC this winter.