I agree with [MENTION=2525]Mistwell[/MENTION] on this one.That's where the fallacy is. It is just as effective as before. If it knocked 3 off of 30 or 3 off of 3, it's still 3 less damage in total per hit.
The relevance of damage reduction isn't "number of hit points reduced per hit". It lies in the "percentage of damage negated per hit". An ability that negates 100% of all damage per hit is manifestly more effective than an ability that negates 50% of damage per hit, because with the former ability the character cannot be knocked unconscious or killed by hit point loss.
Given that 3 hp reduction per hit is likely to be a greater proportion of damage per hit from low level than higher-level creatures, that seems to me a sufficient basis for saying that the ability is more effective against lower level than higher-level creatures. Whether the ability is significantly more effective at lower levels than higher levels will depend on more things, like encounter mix, what exactly counts as "significant", etc. But it wouldn't surprise me. 4e has a notorious 1st level cleric ability that grants party-wide damage reduction at a fixed value. At 1st level it's brokenly strong. For my current, 27th level, party it is not a very attractive option - incoming damage totals are typically 30 to 60 hp per hit.
The scaling in 5e is not as aggressive as in 4e, and more monsters depend on multiple attacks to deliver their full damage payload, but there is still a degree of scaling, and hence the point still stands.