Would I be right in saying that after approx half an hour or so, letting the temp fall has no effect on the mash, once you bring it back up again for draining?
Obviously the same is not true for rising temps!
Depending on the crush, finer=faster, conversion will likely be complete, or majorly mostly so, in 30m for those of us that BIAB with fine crush.
The enzymes that continue to make shorter sugars out of the longer ones will continue to work until they are denatured by the heat.
None of this is "flip a switch" however, meaning that as an organic chemistry process, it works at lower than mash temps, albeit more slowly. CAVEAT: heating the mash above 160-170 for a time will completely denature the enzymes we are primarily interested in and they are then gone, caput, gone on to join the bleedin' choir eternal, pushing up daisies, ex-enzymes.
But yeah, mostly done in 30m, and as the temp falls, any remaining un-denatured enzymes will continue to work, a bit. You know, some. THat's why you get more fermentable wort from all day mash; the remaining enzymes will continue making shorter sugars, more readily eaten by the yeast.