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The blockchain itself remained append only. No authority went in and rewrote history. A contract running on top of the blockchain was updated in accordance with its own predefined governance rules. This is an advertised feature of the blockchain. Those governance rules the contract chose were arguably too loose.

Solana programs have a "final" flag that could be turned on to make it immutable. This project doesn't have it turned on so it's open to update.

In short, yes.

Actually... no. Solana has no central authorities.

Solend is an individual application running on Solana.

>Are you saying that “working as advertised” means that a crypto blockchain is adjustable by a centralized authority?

It's changeable by anyone/group that has 1% of the votes. Calling that "centralized" seems like a reach.