There's no real reason young rootstocks or scions cannot be used. However, the mechanics of the physical manipulation of tender, easily dessicated tissues greatly complicates the procedure. You are correct in stating that young tissues are responsive to grafting. The issue, as you recognize is that there's a trade off in the practicality of working with very small, fragile rootstock and/or scions.
I've grafted and budded rootstock at about 1/8" in diameter. It's doable, but tedious and slow. Scions on the other hand need only be firm enough to prevent dessication and crushing by being wrapped too tight. When performing bark flap grafts I prefer slender, flat scions for a neater finished graft.
After using such small diameter stock, it's a relief to work on larger stock.
Small diameter scion on larger rootstock. Bark flap graft. Although not shown, the cambium is exposed on both sides of the scion, which increases cambium contact surface area.