All members after P-Delta, stiffness degradation to proper value can be calculated with K=1, since it is a safe value for all. The situation is after that analysis for each segment such if each segment, whichever the position in the structure, is pinned-pinned and then applied the end forces from P-Delta analysis, having the actual deviation from straightness that such analysis gives. It is only the matter of that such deviation might at some case exceed the value implied in code checks what might make such check unsafe, due to being out of the usual assumptions. From a worksheet I made for Fcr following Eurocode says 1/1000 deviation so should be 1/1500 what assumed in USA. Anyway P-small delta buckling checks are for the buckling of members. Even when exceeding such "allowed for imperfections" (now, actually the deviation from straightness, if you have a quite short stub segment, ***buckling*** is of not concern. Your stub is prevented of movement at ends. It is short, there's no magnification, point. P-small delta is, as well, for moment magnification on what given on a prior calculation, hence with reasonable segmentation the procedure can be made entirely safe.
So we have a situation where making short segments ensures no residual P-small delta effects are of not concern (we are not to forget that the gross effects of the P-small delta, when considered over the full length of the actual member, have been already been captured by its segmentation and the P-Delta analysis), but may worsen the accuracy of the solution of the FEM method. This depends of the formulations of the beam, plate, shell elements used and shouldn't be a problem for practical analyses with ordinary safety factors and looked at with engineering common sense. If the beam element has no implicit consideration of the shear deformation in more than that of bending, the observation gets void.
When you model a curved arch with straight segments you are meeting a problem of a very similar kind; and yet it is not unusual to make such things. Everyone that uses such method knows that there are some problems in the accuracy of the solution yet no other might be available in the actual case. The analysis program allowing for it, curved elements might be used etc, or shell elements directly amenable to the representation of any curvature, but even after such calculations we would be entering the realm of the buckling of shells, etc if we don't reduce in some way the results to linear elements, etc.
All these worries are on a grade of precision of less order than those actually found in the gross numbers of divisions made for shear walls and many other cases. Only the fact of that in some cases a structure might need the more accurate analysis at hand with reasonable engineering effort make worth treating the subject.
The general accuracy of the process of designing structures following the code most surely make that any error following the procedure after significant segmentation may fall well below under 1% of the intent of the code if an accurate solution was at hand, and we all know that even designing consistently and with sound practices ordinary structures variations well over 10% should be expected (even allowing for the statistical paremeters involved establishing the characteristical values). So really no problem for practical application.