Is there a prime for which the bound will be tight?
Does it give sharp bounds? Yes: the quartic at $p=89$, from $10$ to $4$.
Does it always improve the reduction bound? No: at $p=31$ the quartic already has the sharp bound $4$.
Does more precision always make the bound sharp? No: the quintic at $p=29$ stays at $3$, although its Picard number is $1$.
Can base change lose sharpness? Yes: the real multiplication example at $83$ would give $16$ over $\mathbf{Q}$, but at least $17$ using only the squared Frobenius over $\mathbf{Q}(\sqrt{2})$.