I would agree with mostly all what you said, I cannot regret so much of upgrading an Apple A9 machine to iOS12.1.4 (or above), but not everything is pinkish.
Performance is good, no lags, security patches,... etc. Everything looks perfect,... BUT not battery life.
It was already tested, and I agree on those figures:
Briefly:
iPhone's 6s (and similar) running iOS 10.3.3: 5h40m
iPhone's 6s (and similar) running iOS 11.4.1: 3h23m
iPhone's 6s (and similar) running iOS 12.2.0: 3h28m
And of course, I also switched the new iOS12 Screen time off; otherwise above iOS12 timings would be much worse.
So, your iPhone will run as new,... but you will have to recharge it more often, and also battery health lifetime gets impacted,... gets reduced much faster over time; so you will have to replace the battery in less than a year, if not sooner.
I think Apple not really tuned iOS12 for old A9 devices,... but the SoC is throtted at max performance at longer periods; which explain the impact on battery on time. Now is up to everybody to decide what to do.