Tom:
I would have thought so too and checking out my own course at Riffa Views in Bahrain, I can see that on one of only two holes we have where there are homes to either side of a single fairway, the absolute narrowest point from boundary wall to boundary wall is 100 metres, over a very short stretch, with the homes set well back from that. It doesn't feel constricted, but the general margin is 110 metres plus. However, in Palm Springs (which is typical of many resorts I imagine) it is certainly only 300 feet from window to window, as the following image shows. This course is picked at random from dozens that are just the same.
The yellow line is 300 feet long.
Even if the homes are set back, I'd still want to feel safe in my own garden. Yes, if you live on a golf fairway, you should anticipate (rarely) a golf ball or two to come over the fence, but sitting around your pool shouldn't ever be a game of Dodgeball! That is just reckless property development. The lesson to learn is...choose your house plot carefully!
From a design perspective, as this image shows and your own illustration explains, these linear, minimal margins give you very little scope to be imaginative. Vanilla flavour golf design.