-persistmempoolv1 was added in #28207 as a temporary option to allow downgrading to v26 and earlier, which can't read the XOR'ed mempool.dat. v26 has now been EOL for a while. So any version this option could help downgrade to is unsupported now. It seems ready for removal. I don't think this requires an additional deprecation cycle since the feature is useless for any maintained version and docs have always stated that this was a "temporary option that will be removed in the future".
Reading v1 files is still supported, so upgrading directly from an old version keeps the persisted mempool.
mempool_compatibility.py now uses v28.2 as the old node, the oldest release in get_previous_releases.py that writes the current format.