This was reduced recently to 2/12. It's also next to impossible to allocate the free stuff unless you put in a CC. If you do, you get the servers right away, though. Just be careful not to spend. You can set up a budget trigger to shut down the vms.
Old servers may have been grandfathered, but mine was set to 1/1 and couldn't be reshaped.
I logged in to double-check if I was going to pay for my beefy ARM server. There was a notification about this change, but looking into the billing section, I saw no change. I have an alert in place if I pay more than 5€ per month, so for now I'm leaving my server as is.
Old servers may have been grandfathered, but mine was set to 1/1 and couldn't be reshaped.