Battery throttling wil occur if the phone experiences an unexpected shutdown. You'll see it in the Battery settings. Crashes usually only occur in cold weather when your battery is cold.
Here's another way to think about battery capacity percentage:
If a big phone like a Plus has a battery capacity of 3000mAh when new, (as an example using an arbitrary number) when it degrades to 80% capacity, it will become a 2400mAh battery. If a small iPhone when new has a 2400mAh battery, then the big Plus phone that's lost 20% due to aging will pretty much be equivalent to a new small iPhone with a new battery.
80% remaining capacity isn't a death knell, it's just 20% less than what it was when new. The iPhone won't last as long in a charge but it'll still be as fast as a brand new battery.