Have you noticed the drop in battery life? How many hours can you run on battery? I haven’t found a battery support page for macOS but Apple’s support document for the iPhone states that
the battery information is “software design that provides a more accurate estimation of both power needs and the battery’s power capability.”
My iPhone 11, which I replaced with an 16 Pro, is still showing 92% capacity (it contains a copy of 1PW that I keep as a backup). My less than one year old iPad is down to 96%. The info you are seeing may or may not be accurate.
The other thought that’s just popped into my head, temperature plays a large part in the condition of a battery. Could this be a factor? has it been particularly cold or warm on a regular basis?
I had a user in the early 2000s whose battery became useless pretty quickly (within a year), it was only when I asked about how he treated it, when he charged it, where it was stored that he told me that he left his laptop in the car overnight (I doubt you do this). that year had been a particularly long and cold winter.