Your explanation makes sense, but if that's what's happening Apple is being overly cautious.
My iPhone 6 worked fine running the final version of iOS 10. I can remember 2 spontaneous shutdowns over the last two years. Those were annoying when they happened, but they didn't happen often.
The day I upgraded to iOS 11, performance on my phone went into the toilet. It was sluggish. The screen stuttered. I had trouble switching between apps. I had to tap buttons on the screen several times before the taps registered. It has gotten better since then, but my phone still is much less usable than it was with iOS 10.
I get hit by this every day. I would much rather have my phone spontaneously shut down once a month or even once a week than have it be unusable for long periods of time every day.
And yes, it does appear to be directly related to the battery. If my battery charge level is 93% or greater, my CPU runs at 1125 MHz. When the battery charge drops to 91% the CPU drops to 818 MHz. When the battery charge drops to 89% the CPU drops to 600 MHz.
If I could go back to iOS 10, I would. But Apple makes that impossible. They could, however, release a software fix that would make my phone usable again. If there are tradeoffs, they should let me choose among them.