Neutered as in doing low-powered damage when striking unshielded ships. For a reference point, in "The Wrath of Khan" we see what low-powered phasers and torpedoes do to the Enterprise and Reliant at close-range. It results in surface level damage, penetrating up to 1 deck or so which causes secondary explosions (Reliant's nacelle exploding or torpedo launcher exploding).
A full-powered phaser burst from transporter range at a damaged but unshielded Klingon Battlecruiser in "Day of the Dove" resulting in it's complete destruction. A full power photon torpedo to SS Woden in "The Ultimate Computer" resulted in it's complete destruction. In the same episode full power phasers at medium to long-range killed all the crew of the starship Excalibur.
Now compare to "The Stars at Night" where the Aledo and her sister ships phaser and torpedoes the unshielded USS Van Sitters at close-range but doesn't outright destroy her. Same again when the Aledo attacks the unshielded Cerritos. The level of damage is about the same as "The Wrath of Khan" (just more of it as there is more surface area to take the hits on the Cerritos). And there would be no reason for the Aledo to hold back. It would've been firing full power phasers and torpedoes.
Basically the loss of shields once meant certain death but now in the current Star Trek losing shields just means that dent isn't going to buff out without a trip to a starbase. IMHO.