Other places in the compiler (such as ValueTracking) only allow
recursing one level into phi nodes, however in InstructionSimplify the
limit is 3.
By reducing it to 1, there is a slight reduction in compile times (0.1%):
https://llvm-compile-time-tracker.com/compare.php?from=47a4331cd79ff63b13e369e28ccca268773cf9f2&to=20d987ab937caf22929f0c5790f0a8197b53b447&stat=instructions:u
Depends on D155718.