I think we can have more nuance than a choice of 50% or 100%. I fall in the 'Show 100%' camp for sure, showing 50% but not indicating why isn't particularly helpful without knowing the background here. I think a separate indicator for an overall throttling condition would be helpful. Show a 100% usage and a throttle indicator together.
Agree, you really want 2 indicators, vs 1 confusing hybrid.