Your question is very general...

You should specify the followings:

1.Target learners (their level of language proficiency, number of students in the class, age, and socio-economic status).

2. Target context ( second language or foreign language context, academic or non-academic, private or public, primary/secondary/high school or university students)

3. Is the feedback grammatical or content based

4. If grammatical, what is the purpose of the task(accuracy or fluency...)

The list goes on...

You should first picture a situation then we can discuss whether your feedback should be direct or indirect, comprehensive or selective, product based or process based and so on.

There is no one particular way of providing feedback. It depends on the context, the focus ( form or meaning), the type of learners, objectives of the lesson, etc. However, providing feedback should neither be highly selective nor highly extensive, if the objective s to improve general writing proficiency. Given the time restraints, it is wise to elect a middle ground, so that learners will not be overwhelmed by red marks and will not also be disheartened when they see certain errors are uncorrected/ disregarded.

I totally agree with you that we should be moderate and wise enough while providing written corrective feedback. It is not he quantity of feedback that matters; it is rather quality.

Of course, it is up to the teacher to decide how feedback should be operationalised but the empirical findings and theoretical background can also do a part in this informing the teacher in her/his decision making process.