Well, the CUB in the pool was cut in half and then cut in half again, and the BUSD in the pool was doubled and doubled again. Imagine having 1000 CUB and 5000 BUSD in the pool at the start. That's an initial stake of $10k total and a cub price ratio of $5.
At the end of it all, the price has gone x16 because the new ratio is 250 CUB : 20,000 BUSD. That's $80 CUB. Price went x16 but your stack is only worth x4 (from $10k to $40k). So clearly, volatility was reduced even more than 50% as these numbers go exponential. The same would apply to the downside.

@edicted good point you have there....

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