At best it's a complete botch on Apple's part. I got that update and my phone was noticeably slower, right off the charger at 100%. My typical usage pattern has me plugging in my phone at night with usually more than 50% and rarely around 40%. I'm never in danger of unexpected shutdown.
The way things used to work, I'd drain an iOS device and somewhere around 20% I'd get a popup to switch to power saving mode, with a choice to do it or not. This is quite reasonable, usable, and the device remains fast until you're in the danger zone. Wanna tweak it? Move from 20% to 25%. Done. Worried that people won't switch to power saving mode and then have a shutdown? Make the switch mandatory at 20-25% or whatever.
But slowing down older phones all the time... it's hard not to be suspicious of motives.