Nope, everything monetary was just as agreed. It's an interesting take and I haven't though about it this way. I have always seen it as a sign of mistrust from the company, which had its consequences on morale etc.
Yeah, compensation is what we've agreed. The title is lower, as well as the scope of work you are trusted with, so I need to get +2 levels to get to the most interesting, impactful and technically challenging work, which will probably take years at this pace. The pay is good, although I could probably get 50% more without much effort at other places.