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Apple to Limit iPhone 15 USB-C Cables to USB 2.0 Speeds: Report
(www.extremetech.com)
This is a most excellent place for technology news and articles.
You're entirelly correct - if only the D+ and D-data lines (plus VCC and GND) are connected (and USB-C is meant to work no matter which way you plug it so there are one of each on each side) then it will just behave as USB 2.0