I don't know if they necessarily do respect for the heritage Victorians, but it is certainly a unique Toronto solution. I suppose it makes our city more interesting.
Definitely willing to be wrong on this opinion, but I don't think there's any way around it due to the size-differences and demands on the lot sizes- even avoiding skin-deep facadism, the tower will always dominate in scale, and any contemporary design cues pulled from the Victorians will either be abstracted beyond the understanding of the average pedestrian, or overly slavish.
Probably the most respectful site is at Mirvish Village, but most sites do not have the luxury of space like that project.
I'd just see it as a uniquely Toronto sort of thing to be fascinated about and might be the product of an urban consciousness/anxiety. Maybe aside from Montreal, most sizable cities in North America (even New York) are willing to go the clean-slate route, and most suffer for it.