It would appear to be possible in chromedriver 75.
## rate 1 is no throttle, 2 is 2x slower, etc.
driver.execute_cdp_cmd("Emulation.setCPUThrottlingRate", {'rate': 10})
NOTE:
2.38 didn't seem to support execute_cdp_cmd() while 2.48 did. Chromedriver also appears to have changed their versioning scheme to keep in sync with browser releases.
I did some quick checking and was able to push the throttle rate to upwards of 200x but it started having serious issues. My guess it going beyond 100x is ill-advised.