As a former RG admissions tutor in a School with a very high offer, I do call it cynical.
My opinion isn’t about Southampton per se, which offers some excellent programmes suitable for able students. The local outreach you describe is commendable.
But demanding programmes dropping several grades to attract Clearing applicants do not adjust their teaching sufficiently to cope with the needs of these applicants. How could they? You cannot require Clearing admits to attend remediation and they are generally loathe to do so optionally, very sensitive to any suggestion of second class status. Instead, extra support is taken up by the keenest students and the achievement gap is widened.
Lecturers who have owned a course for years are also not going to revise it substantially just because the powers that be have decreed that a School must admit students with lower grades. Besides, the syllabus must be completed because all the material is there for a reason. If some cannot keep up, they will suffer.
I much prefer to see all students in degree programmes where they can genuinely thrive. Making the most of a decent opportunity will get you further than bumbling along towards the bottom of a cohort at a university with more of a ‘name’.
I do think that Clearing is driven by financial necessity and that we are in desperate times. I don’t say the cynicism extends to enrolling less qualified students for the hell of it, at least at RG+ institutions and many others.