Most of what I have read on the subject is to prefer treating it as an isentropic process although the isenthalpic approach is condidered acceptable. I think the isentropic process assumes all the energy of expansion goes into to kinetic energy. The isenthalpic process implies a some transfer of "expansion energy" to random heat. So, I would think that the isenthalpic process underpredicts the theoretical maximum flux.
The isentropic process, in theory, occurs in an ideal nozzle.
However, we generally assume that a gas expanding through an orifice in a pipeline is isenthalpic. PSVs seemed to be a combination of both.