Indeed. Looking at https://msdn.microsoft.com/en-us/library/windows/desktop/dn770336(v=vs.85).aspx which points to https://msdn.microsoft.com/en-us/library/windows/desktop/ff476329(v=vs.85).aspx suggests that D3D12 supports D3D_FEATURE_LEVEL_9_1 hardware. Can someone confirm if that is the case?
I don't know for sure, but this probably won't mean D3D_FEATURE_LEVEL_9_1 hardware on the PC -- You still need a WDDM 2.0 driver and Windows 10 in the loop, and you're simply not going to see that support from ISVs for such old hardware.
What this probably is for is mobile GPUs in phones and set-top-box-style devices. Many of those devices are kind of weird in the fact that they are simultaneously quite modern in many ways, but also not in others because the silicon or power cost is too high for such a small device. In that respect, mobile GPUs are very modern but only provide the most indispensable parts of a GPU, and so mobile hardware that supports only a 9.1 feature level (WRT bells and whistles) don't look much at all like the Direct3D 9.1 hardware we remember on the PC from 10+ years ago -- the parts that are there tend look more like modern GPUs. In fact, modern-looking but "Direct3D 9.x" hardware is very prevelent in that space -- only very few of the newest mobile GPUs do D3D10.x or 11.x feature levels.