Just that. I've been through this several times: a treasonous vassal is either imprisoned when a plot is discovered, or after they've revolted. In both cases, I've been able to revoke one title they have with the message that the public won't view me any the worse for doing so, since the vassal had it coming. However, if I immediately go to revoke a second title, I get the message about a penalty with my subjects because my vassal is perceived as having done nothing to deserve such treatment.
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