OK, I am going to stick my head up above the crowd and differ. I am a breeder of warmbloods for show jumping. The youngest mare I have bred was an unbroken 2 year old TB. I was looking for a 4 or 5 year old, but the one I liked was too young, but I bought her anyway. She was already 16.1 hands at two years. The vet checked her and she had not yet ever been in heat, but he agreed she was worth the wait. A few months later, she came into heat for the first time and I bred her. She had a lovely colt, who was weaned by the time the mare was three and a half. She went on to be broken and trained as an eventer, none the worse for wear.
The oldest mare I have bred was 26. She had had 11 babies but been barren for 3 years. My vet (the same one) had me worried to death that the foal would be aborted or a runt, etc. She was pregnant and past her life expectancy (27 when she gave birth). However, she gave birth without a problem to a big healthy filly, who went on to be a champion jumper in her own right (mom was a grade 'A' jumper, long since retired.) The old mare spent the rest of her days as nanny in the weanling field and lived to be 34.
I think it all depends. Thoroughbreds reach physical maturity very early. Warmbloods aren't full grown until the age of 5/6. The old mare continued cycling until the end of her days.