I remember my experience from contest dieting from 257 down to 212. I immediately lost strength and then I plateaued for a short while and then I returned close to my original numbers. And it was exercise dependent though but mainly due to bodyweight in some cases. Like my chin ups improved, due to the loss of weight. My front squat numbers dropped and then started to rebound, but if you think about it, I may have been replacing body weight with bar weight.
Here were my numbers as I recall them
Before diet PR’s
Front squat 315x6
Bench 315x5
Pull up 8 reps
After 4 weeks
Front 275x5
bench 275x5
Pull ups 10 reps
14 weeks in
Front squat 315x3
Bench 295x5
Pull up 18 reps