Tested it again, it's really bad.
Just go in the simulacrum (SP 190, elites), and activate iron skin - it will go down so quickly that you won't have have a chance to activate again, because the shield gate wouldn't have formed for second time and you just get killed. No adaptation will save you unless you also build a ton of HP, which goes against Rhino's builds.
This is sad and disgusting how DE have nerfed Rhino.
Is DE even testing what they claim in the patch notes?