The model of the custom Assistant does not get updated should the model that was used change availability (in my case: Gemini Pro got put into the Ultimate tier, while I am only in the basic one).
Instead, the previous model stays selected and can still be used, even though it should not be available to the user anymore.
I suspect that similar behaviour can be observed when the user downgrades from Ultimate to basic, but I cannot test that.
See the following images:
I expected the model to be changed to another option that is available to the user.