chiguy has correctly mentioned the many factors that can influence a dough and its ultimate performance. However, I think the rules are somewhat different for a 00 flour such as the Caputo 00 pizzeria flour.
In Italy, and especially around Naples, where the Caputo 00 flour is arguably the most dominant 00 flour, it is rare for pizzaioli to use cold fermentation. The Caputo 00 flour has low enzyme performance (it is unmalted and has a high falling number) and will tolerate long fermentation times at room temperature. The duration of the fermentation will be governed by the many factors mentioned by chiguy, and it is not uncommon in this regard for pizzaioli to make adjustments to the ingredients to compensate for room temperature and other factors that might influence the fermentation process. Depending on the season, for example, the amount of hydration, yeast and/or salt can be individually or collectively varied so that the dough stays within the time frames required by the pizzaioli to operate their businesses efficiently and produce uniformly good results. The pizzaioli might also have special rooms or areas for fermenting the doughs and carefully control fermentation temperatures, with the ideal temperature being around 64.4-68 degrees F.
In the U.S., some pizza operators, such as A16 in San Francisco, have modified the Neapolitan methods and formulations to accommodate cold fermentation. And it has done so very successfully judging from the widespread acclaim A16 has received for its pizzas. It may be debated whether this is the best use for the Caputo 00 pizzeria flour, and whether it produces authentic results, but it is a fact that cold fermentation is being done and with high acceptance of the finished product.
My practice is usually to use a same-day room temperature fermentation or an overnight room temperature fermentation when using the Caputo 00 pizzeria flour. When using a weaker 00 flour, such as the BelAria 00 flour, I am more likely to use a same-day room temperature fermentation because it is not as well adapted for long fermentation times at room temperature. There are occasions, however, as when making an A16 dough or when scheduling considerations prevent me from using a 00 dough when I'd like, where I will cold ferment the dough for later use. But, whether I use a room temperature fermentation or cold fermentation, I watch the dough carefully for signs of impending overfermentation. Unfortunately, these signs don't always jump out at you. Some room-temperature fermented doughs, especially those using a natural preferment in small quantities, may rise hardly at all. A 00 dough using commercial yeast, and especially in higher amounts, will usually rise noticeably and can be subjected to more than one rise (usually two), but one still needs to watch the dough so that it doesn't overrise and start to collapse. In this respect, 00 doughs are more fragile than those made from stronger flours, such as our domestic bread and high-gluten flours which have higher protein levels and can tolerate long fermentation times, especially if unmalted. Ultimately, it comes down to experience, which comes from practice, practice, practice.
It is hard to generalize on these matters, but I would not want to go beyond say, 16-18 hours, for a room temperature fermented Caputo 00 dough using commercial yeast and where the room temperature is around 70 degrees F. That time period might be extended if a natural preferment is used, in which case it is possible to exceed 24 hours in my experience. A cold fermented Caputo 00 dough might last a few days or so under refrigeration, but its ultimate performance will be influenced by one or more of the factors mentioned by chiguy and discussed above.
From my experience, the best crust flavor will come from a room-temperature fermented dough using a natural preferment. I personally have not detected big differences in crust flavor for room-temperature or cold fermented Caputo 00 doughs using commercial yeast, but theoretically the dough that has the most flavor-contributing byproducts of fermentation should produce the best crust flavor, however achieved.