Well, after reading reference manaual of K20. I found the LDO is enabled after reset by default value in SIM_OPT1.
In general, the firmware will leave it as is, aka as enabled. UNLESS the firmware close it on purpose for low-power consumption or by fault, like copy a value instead of logcial OR/AND operations. So if we consider the internal LDO is stable enough under 120mA, which is enough for most of applications. The final decision is firmware.
If the firmware is fully under our control, we can use internal LDO. If there is some firmware out of our control, use the external LDO as back up.
I hope any FSL employee can confirm that conclusion.