Based on the projects I've seen (mostly in the US, in competitive niches), there was a drop immediately after the update, but about two weeks passed, and then a partial recovery occurred. Then, rankings either stabilized or continued to decline, depending on the level of support.
I noticed that pages without a constant influx of links lost rankings, even if the content was decent. DR didn't play a role (sometimes high DR dropped, while low DR, but with active support, held up). The biggest impact was the speed of link building after the update. Also, in several cases, 15-30 contextual links after the update not only restored rankings but also boosted some queries' rankings.
I concluded that this looks less like penalties and more like an overestimation of the page's authority over time. Are you seeing the same thing?