As far as how much difference it makes in practice, my running theory is that it doesn’t matter.
I have an iPhone 6s with 63% health on iOS 10 after 1200 cycles. Battery life is just like it was when it was new. No difference at all. iPads have far larger batteries. So if it doesn’t matter on iPhones, it will matter even less on iPads.
Sadly, I do not have, and have never had, an iPad on its original iOS version with enough cycles and enough degradation to prove this, so it’s just a theory for now. The iPhone case, however, should be an important enough hint to state with a high degree of confidence that it actually doesn’t matter. If an 1,810 mAh battery doesn’t suffer 7 years later, then why would an 8K mAh battery fare any worse? The closest I’ve seen is a 6th-gen iPad on iOS 12 with impeccable battery life after 4 years, but battery health is at 91% after 630 cycles, so not enough yet to consider it severely degraded.
My 9.7-inch iPad Pro has 84% health after 710 cycles on iOS 12, and there’s no difference in terms of battery life from when it was first forcibly updated to iOS 12, back in September 2019. I have no reason to believe that any further degradation will have a severe impact, but frankly, since it isn’t the original version, I can’t be sure. The best option is that 6th-gen iPad, but it still has a while to reach any meaningful numbers.
Sadly, other people just update, so I haven’t seen any 6 or 7-year-old iPad on its original iOS version with many cycles, and like I said, this will be just a question until I can test that 6th-gen iPad with enough degradation.