No - the feature was to turn "throttling" on or off (to get around the design problem of Apple using batteries that degrade rather rapidly and then using a software patch to throttle CPU speeds):
https://support.apple.com/en-us/HT208387
That throttling feature only has to control the CPU and SoC power usage (e.g. by limiting maximum clock speed), so battery charge control would
not be necessary for that feature.
*my professional opinion is that they used low quality batteries and realised they faced a massive recall, so they sneakily throttled the CPUs down to 40% performance to make up for this until they were caught.