I think the nerf is acceptable but also pointless in the sense that almost no one runs low armor cause there is no real reason to and almost no one runs burn knives cause the other perks are better.
So overall the nerf didn't change anything. Bladedancer was hit worse than anything. I main a Nightstalker (don't like wombo before you say I do) and literally picked up Bladedancer again for the first time in years just a week before the patch dropped and even I can tell the nerfs were to severe.
Seems like they are trying to make the subclass less accessible for casual players IMO, sure it's still viable but more and more Bungie are making things more "viable" and less great.
Why don't they buff more things to match how effective something else is rather than just nerf everything? Sooner or later everything is gonna equally suck and nothing will be worth using.........
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The alternative, sadly, is to buff everything until everything is god-tier and each matchup becomes who saw the other person first. The balancing team could learn a lot from snipers in the game: small adjustments, and don't screw with what's working.
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They reduced the actual damage of a throwing knife, burn or not. It was just unnecessary.