Hardest combat setting no longer nerfing player damage by 70%

I see a lot of discussions on Reddit mentioning how players loathe the 70% nerf when playing with the hardcore combat setting. I recently built a calculator that determines damage (by players and mobs), taking in to account all possible modifiers I can think of, including a toggle for hardcore mode that increases mob damage by 2x and nerfs player damage to .7x. Did some pretty thorough testing of creature damage and it worked well.

However, when we fought Elder last night the damages we were doing to it were higher than the max I was calculating was possible. I know hardcore was on as we were receiving the buffed damages (first stomp I took was 101, which is the max I calculated for a hardcore stomp). After some analysis I came to the conclusion that the damages we were dealing all made sense if the player damage nerf was removed.

So I went in and looked at the base yellow damage ranges in my inventory, and they match my calculations for normal mode. I actually have no idea if the inventory damage ranges would take into account a hardcore adjustment or if that would just be part of real-time calcs by the game, but taken with what I was seeing in the fight it seems like the 70% nerf may be gone.

Has anyone else looked into this, or heard anything about it?