Downgrading on Windows
Successfully (finally!) upgraded from 12.1.0.2 SE2 to 19c SE-2, on Windows. Non-multi-tenant.
Now I am rehearsing for potential downgrade back to 12.1.
First, applied DST patch to the 12.1 home, to match what is in the 19c home, and to which the db was upgraded during the DBUA process.
Next, started the database with 'startup downgrade' and executed 'dbdowngrade.cmd'. That seemed to go well. Seemed to only generate one log file, 'E:\app\oracle\product\19.0.0\dbhome_1\cfgtoollogs\downgrade\catdwgrd.log', and I found nothing even hinting of a problem.
Then the fun began.
First, connect to the database and check it out: