Yes:
From: https://www.researchgate.net/figure/A-family-of-B-H-loops-of-grain-oriented-electrical-steel_fig1_264585820
Query (for reference, further reading): https://www.google.com/search?q=b-h+loop+family
The loop area gets smaller, but not proportionally so; losses vary nonlinearly with amplitude. The modified Steinmetz approximation works well enough for most materials, but does have error on the order of 20% for many. It's just an empirical curve fit formula, with different parameters for each material.
As for decaying from peak, generally it will trend towards the middle (degaussing), yes.
But, magnetic materials are weird.
I once observed, playing around with a stripwound core, that after applying some DC bias (saturating it to one side), then letting it relax (under AC bias), it would go high impedance (towards the middle of the curve, or away from saturation anyway), then over some seconds, drift back into saturation! This might've been due to leakage current in the AC source (it was an electrolytic coupling capacitor, I believe), but it might've been in the core.
On another occasion, I had a toroidal power transformer, driven by an H-bridge inverter circuit; this inevitably has some DC offset (due to timing errors in switching the inverter), and within some seconds of starting, made an infernal racket -- the core becomes much noisier as it saturates (magnetostriction), translating current into mechanical deformation -- hence it becomes audible. This corresponded with the measured inverter current, which was highly asymmetrical, as saturation current was drawn on one edge of the waveform, increasing inverter losses. The imbalance was then addressed by adding a coupling capacitor with damping, and this worked perfectly fine for new transformers -- but the previously-saturated unit always drifted back into saturation, as though it had taken a "set", a permanent magnetization, or perhaps even stranger had adopted some sort of ratcheting effect where, even though resting field strength might be whatever (depending on when during the cycle it was stopped), it would always gravitate towards that one-side-saturated condition.
NiZn ferrites are also generally recommended to avoid mechanical stressing, and magnetic saturation, lest their (small-signal) properties be altered.