@Richard Davis good question — and the short answer is they're independent at the PHY level. TX power and data rate are separate settings; dropping power won't cause the radio to fall back to 1Mbps or coded PHY the way some people expect. The 2Mbps PHY is locked in by your connection configuration, not negotiated dynamically based on signal strength the way Wi-Fi does with MCS rates.
The catch is practical, not protocol-level: lower TX power means lower received signal strength at the receiver, which increases your packet error rate, which means more retransmissions, which tanks your effective throughput even though the PHY rate is technically still 2Mbps. At 500-800m in an open field with the MultiNav Pro+'s front-end amplifiers doing the heavy lifting, you've got a lot of link budget headroom, so you can probably back off TX power meaningfully before you start seeing that degrade. But I'd benchmark it — run a continuous stream at a few different power levels and watch your actual throughput and PER numbers rather than just assuming the link is solid.
For a continuous sensor data use case at that range, you're honestly in very comfortable territory with this module. The harder thing to tune is usually connection interval and MTU size if you're trying to squeeze the full 2Mbps theoretical in practice.