The nerf seems fair. We still have an 11f armored advancing launcher for wakeups and an armored overhead that does 16% into a HKD. Kubu Jutsu still has a 12f armored mid that's safe and hit confirmable into more mixups or a full combo.
It seems easier to combo off exbf4 and her tonfa rekas also seem to juggle much better than they did before. Kobu Jutsu is still very strong imo, just a little bit less derpy with the teleport pressure. She still has her tonfa toss pressure against most of the cast, which is almost better than the tele pressure anyway.