Our Bristol 29.9 heaves-to beautifully. We can sit there all day. You do have to reduce the size of the jib to do this. If you have a furler, just furl in half, or more, of the jib to balance the wind you are in. In 25kn you might have to bring it down to the size of a storm jib.
When you need to reef the main, you shouldn't have to heave-to. Come up close to the wind then let your traveller down all the way and loosen the main sheet until the sail luffs. The boom should still be over the boat. Drop the halyard and set your reef. When done, retighten the sheet and bring the traveller back up. Works fine going to windward. Downwind, not so much.