I would say reducing sound across the board is better, for me personally. I without a doubt prefer it the previous way. One reason being what Breelock mentioned about precision in changes. Listening to music on very low volume has become extremely difficult.
Also though, it doesn’t reduce the sound as much as I want it to. I have it turned to the lowest setting (so it reduces the most sound), and it’s still too loud. So really, the setting (for my purposes) isn’t meeting the standards of the previous setting at all.
My phone spontaneously updated two days ago, so this is very fresh for me. Thank you for the feedback form suggestion.