To be honest - it doesnt matter. As a animator I prefer to place my root node at the center of mass location but having it at the base line 0 plane is perfectly fine also. Most older set ups needed this low position for grounding but this isnt the case anymore.
I like the center of mass because it allows for more realistic full body motion for accrobatic and over the top animation creation.
The importance of the root node in generic rig is mostly for locomotion and rotation rather than root position in Y location.
When setting up root node this will become evident in the process/workflow.