How will this devalue the test? The only way in which the test is easier is that it's shorter, so students who lose steam toward the end will perform somewhat better. But this shorter test is dynamic, so it will still be able to assess students fairly, at all levels. In truth, it could even open the door to allowing for a higher ceiling, by offering even harder questions to students who score super well on earlier portions. That could make the test (and a coveted 1600+ score) even more trusted as a marker of academic ability/readiness.
Would not 'losing steam' on a long test be indicative of motivation and also be part of the test? Remember, the test is a lot more than the questions; the test is also about pacing and focus.
There is something to be said for endurance, and I admit that the new test will not test endurance as much. But I think most people don't think of the primary role of the SAT as an endurance test.
When I was in HS, we had IB tests that were much longer, and were seen as grueling tests of endurance. And after law school, I took the CA bar exam, which was at the time the only 3-day bar exam. It was (in)famous for endurance.
But do people think the SAT is measuring endurance? I don't, but perhaps others do.
One thing that won't change is any effect on pacing. The SAT previously had sections, and it will continue to have sections. You still have to pace yourself through each section. But there was never a way to pace yourself across sections, through the entire test. You had to wait until one section was done before starting the next.