There are so many issues with older iPhones which Apple is trying to all broadly put down to older degraded batteries reducing clock speeds. I've never had an iPhone so can't attest to it but many people are saying that on installing a new iOS, usually launched with a new phone afaik, that all of a sudden their battery life drops through the floor. So with the same battery they can get 5 hours usage in the morning on the old OS and 2 hours usage from a full charge on the new OS later that day on the same battery.
Second is the issue of saying degraded battery makes it okay to reduce clock speed of the cpu. Stability isn't an issue, the chips are running at sub 1v in most cases, the battery on an iPhone 6/7 (just first link I checked
https://www.theverge.com/2017/12/21/16803442/iphone-battery-old-slow-warranty-apple-care) is 3.82/3.80v, the battery output and chip voltage don't match, you have power regulation circuitry that produces the voltage required from an input power source. Reduced voltage from battery won't have any realistic effect on ability of chip to run faster until the battery is basically completely dead. Also pretty much the entire industry learned about the best power saving method for mobile devices, for a long time people made very low clocked chips but this wasn't the most efficient method, running under load with lower clocks for longer periods is more expensive power wise than running much faster for much shorter periods. IE it's more efficient to run at 2Ghz for 1 second than 1Ghz for 2 seconds, because everything on the chip is turned to max power for 2 seconds rather than 1, the memory controller, the I/O, everything is turned on and the only difference is the CPU core itself.
You aren't saving battery life by running lower clocks, you're just getting reduced performance, the only reason to do it is to slow down the user experience which pushes people to upgrade. Okay so they say put in a new battery, which apparently costs something like $70 in the states to get 'as new' performance, but aside from the fact you shouldn't have to it's $70 that they hope their customers will go, screw it, I'll just upgrade instead.
I think what is maybe most likely to be happening is Apple push out a new phone, a new iOS version and it's very much designed to drain more power than required on older phones which causes the battery to be cycling faster which exacerbates their bull**** slowing down the CPU due to battery performance nonsense. The real question is do they push out updated profiles with a new iOS that tell their old phones to more aggressively downclock. If the downclocking happened consistently with older Apple phones then heavy users you would think would run into downclocking more often than they have done. So I think there is a range of shenanigans going on here and Apple are trying to hide all of them behind battery performance.
My Moto g 4g is pushing 3.5 years old, the battery life is pretty dire now, I still get near enough exactly the same geekbench/antutu/Basemark scores as you'd expect for a brand new version of the phone. Anyone who accepts that Apple degrade CPU clock speed because of 'old batteries' is absolutely crazy.