I don't have one any more, but mine did that; I never found it an issue - unless you're cooking with copper (solid, not the pointless/aesthetically clad stuff) or really thin aluminium I can't see that it's going to appreciably lose heat between cycles. Maybe mine just had much shorter periods than those that people complain about, I don't know.
It's most noticeable with water or a pan of food you want to simmer, it will turn the heat on high for a few seconds leading to items to burn/boil for a few seconds, before turning back off.
That means that if you are making something that needs low and slow heat you get these moments where the heat is WAY too high.
I like to make things like candied mango pieces or strawberries for on top of pancakes, and with an induction stove that has an on/off cycle vs being able to modulate the sugar will quickly burn to the bottom of the pan because the temperature is far too high while it is in its "on" cycle.
It's not about heat retention between cycles, it's that during the on cycle it's too much heat.
Very thick bottomed pans can help dissipate some of it by capturing it, vs just dumping it directly into the cooking surface of the pan, but those pans are heavy and cumbersome and fairly rare.