"go too far" -- suitable for academic writing?

I have no issue with "go too far". Academic writing is about clarity more than formality. Some idioms should be avoided because they are difficult for non-fluent speakers to understand. Never underestimate your audience's intelligence but never overestimate their fluency in English or the size of their English vocabulary.

A great paper that demonstrates an informal writing style is "Unbiased look at dataset bias". Its paywalled but you might be able to find a free copy as it’s relatively old now. It’s great content in a style that is quick and easy to read.

I would revise the sentence, too. to undermine implies to go to far, so it could be struck. But given the early answer in favor of the construction, my answer likely comes to late. Indeed, it is commendable to spend time on results instead of the writing. It's rather a matter of style, over all, than word choice.

As for word choice, consider that to go requires an object, and too far is not one, but readability seems to be the implied object. We see that when substituting to exceed (exceed what?). So, that's another reason to strike. Although, if seems to go is supposed to raise the question for adequacy, that hadn't been raised before, it might help to convey your train of thought. Aha, seems to be inadequate would also work.