Depends entirely how steep the hill is.
The aim is to keep the bike balanced maintaining reasonable (50%) of weight on the rear wheel, and when that can no longer be achieved, keep the center of gravity behind the front axle. To do this, as the hill angle increases, the center of your gravity (which is higher than the front axle) rotates forward if you remain in the same position. To counter this, you need to move you weight backwards.
Thinking only of the static situation for a moment, at moderate angles, you weight shift can maintain the weight distribution between the front and rear wheels. At more extreme angles, you need to sit on the rear wheel and can no longer move you weight far enough back. At this point, the weight on the rear wheel is reducing. At some point of steepness, you can no longer keep the center of gravity behind the front axle, all the weight is now on the front wheel. In a static situation, this is when you are about to go over the bar.
In the over simplified dynamic situation, you are also dealing with forces from bumps - front wheel bouncing will keep you from going over momentarily, rear wheel bouncing with flick you over in an instant. Braking affects things as well and changes weight distribution quickly (and reliably for an experienced rider). Ultimately it is an incredibly complex set of dynamics that gets a mountain biker down a hill upright, but weight too far back has far fewer disadvantages than weight too far forward. Reality is above certain angles, you no longer ride down the slope, you jump it, free fall and no longer keep weight all the way back, but level the bike and balance the weight distribution for the landing.
Quickest way to learn this (speaking from experience) is descent a particularly long, steep hill, hit a bump that kicks the unloaded rear wheel high in the air. Unable to get the rear wheel down, but not (yet) over the bars gives more than enough time to both contemplating the errors you just made while simultaneous wondering how this is going to end....