Do you actually agree that losing the entire landing of a jump is less serious than an underrotation?
No I don't, if we're talking about a minor rotation with no other errors. And if there are other errors there are means to penalize the underrotated even further.
But whether the penalties for falling only or underrotating only depends which jump you're looking at. In many cases, the penalty for falling was already much greater than the penalty for underrotating. For singles, doubles, and downgraded triples, after the fall deduction the failed jump attempt resulted in net negative points -- the skater would have scored better not attempting the jump at all.
Now let's look at the new scale of values. The underrotation penalty is now less severe because the base< score is closer to that of the fully rotated jump than the downgraded<< jump. That will help the skaters who can stand up on moderately underrotated jumps without disruption. You should be happy about that.
The negative GOE penalties are also less severe, both for falls and for underrotations, and the falls will still receive the fall deduction.
Judges will now be shown the < signs, so it's more likely than it was in the last two years that they will give -GOE for borderline jumps that looked OK in real time but receive the base<, although they're not required to do so.
Let's compare fall on a fully rotated jump, with -3 GOE and fall deduction, vs. intermediate base< with -1 deduction.
Under the new scale of values,
Falling on single jumps or doubles up to 2F still results in a negative net value (worse than not trying the element at all).
Fall on 2Lz or any triple, including 3A, does result in some positive points, but in all those cases the skater would earn more points for a < jump with -1 GOE.
Fall on rotated 4T or 4S earns exactly 0.1 more than 4T< or 4S<, respectively, with -1 GOE.
So this is a big improvement in terms of rewarding almost-rotated landed jumps better than falls on fully rotated jumps.
And of course, many -- maybe most -- falls will happen on underrotated jumps, which will receive the lower < or even << base mark and then also -3 GOE and the fall deduction.