A stream created with zfs send -p -I contains properties of all snapshots of a
given dataset as opposed to only properties of snapshots in a given range.
Not only this is suboptimal but the receive code also does not filter
properties by the range. So, properties of earlier snapshots would be updated
even though the snapshots themselves are not in the stream (just their
properties).
Given that modifying the snapshot properties requires a TXG sync and that the
snapshots are updated one by one the described behavior may lead to a sever
performance penalty.