Managed platform update failing with Incorrect application version error

It appears that a parameter setting was incorrect. I had been trying to get the AutoUpdate of the platform version to go through, and that was failing silently, but when I tried to manually apply a different version of the platform I got the following message:

Configuration validation exception: Invalid option value: '100' (Namespace:'aws:autoscaling:lanunchconfiguration', OptionName:'RootVolumeIOPS'): '100' is not a valid volume IOPS. Must be between 3000 and 16000.

Updating this parameter allowed the platform update to complete successfully. The parameter had not been changed for several months so I can only assume it had been permitted/ignored in earlier platform versions but more rigorously enforced in 3.3.5.