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It's not for slower devices, it's for lower data transfer bills for providers like YouTube.
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It's a win for consumers as well if you can get better video quality or more reliable calls on a slower connection.
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so that new devices can adopt it

They can't adopt it if it doesn't exist.

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And what about old devices? I'm sure someone out there is still using an s5 as a daily driver... Future proofing is great and all, but 240p on modern devices looks like trash, even worse than tube tv.
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240p for someone’s webcam thumbnail in Microsoft teams is perfectly sufficient though.
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They can keep using whatever they're currently using.

This doesn't take away anything. It's a new standard.

Based on your argument, one should add new safety standards to cars like seat belts, because old cars might not have them.

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one shouldn't*

One shouldn't add new safety standards*

writing before coffee...

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To be fair, some municipalities do actually require old cars to be fitted with seatbelts... air bags, not so much, because apparently changing a steering column is too hard?
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Well, I just noticed I said 'should' and not 'shouldn't' which I wanted to say

But to your point,

While they might not be required to retrofit, one shouldn't stop defining new safety standards.

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