What I described is certainly how us professional aquaculturists and aquarists understand it work when calculating needs for our systems.
Never said or implied that it did
The question is what organisms are you trying to kill. Algae is easy and certainly will still be killed with reduced efficiencies. Many parasites, especially Crypt. need full bore high kill doses and won't be killed at reduced bulb efficiencies, no matter how slow the flow rate.
Fairly standard fluorescence lighting technology in aquatic UV sterilizers, so no it does not stabilize at 60%. It will continually degrade till burn out.
You can't forget about contact time calculations any more than you can forget about bulb strength and degradation without resorting to simply blundering about blindly. With bulbs, high wattage (stronger) ones are larger, hence the unit is bigger and contact time is also longer, or flow rates can be increased while allowing same contact time as the smaller unit at a lower flow rate.