Yes, the article about the hwclock command is old. Fedora 35 doesn’t use init.d things, and instead uses systemd to control daemons (services).
My assumption was if the command is just executed in the process of the shutdown, it might cause the battery drain.
I can see there is hwclock command on Fedora 35.
$ rpm -qf /usr/sbin/hwclock
util-linux-2.37.2-1.fc35.x86_64
But I don’t know how to check the executed commands in the process of the shut down. Maybe do something with systemctl.