We've set a filter from $45 to $55, and the first 2 jobs are in two completely different ranges! One from $5 to $45, and another one from $50 to $100. While this does fall within our chosen $45-$55 filter, these are jobs for entirely different levels of expertise.

Another point raised by one of the freelancers on the Upwork community is that using the filter disqualifies the jobs that do not specify the price range.

So, this new update is valuable and should make job search easier for the talent. But you need to consider these two points above when using it to maximize your effort's effectiveness.