That battery % says nothing about a battery’s ability to deliver peak output. If you’re outside in the cold (it’s winter after all) you can have a battery that’s seemingly fine but the cold will inhibit its performance.I discovered a good deal of the batteries coming in for replacement with performance management applied were still above the 80%+ FCC threshold that Apple uses to determine whether a battery was worn out or not. Around 82-83%, however some were higher than that. Around 88% was the highest I saw.
Cycle counts were in the several hundred, around 300-500 was common, but not unexpected for a phone battery and still below Apple's threshold for a consumed battery.
I don't have much confidence in these batteries. They're nowhere near the worst, but certainly not the best. Spec wise they're adequate when new, but don't have much room for variances in those specs, such as when the battery wears in (but before it's considered worn out).
That’s actually how I discovered the “throttling”. Previous to the update that introduced the function my phone would shut off all the time when it drained below 50% charge as I was out for an hour or two walk in the winter. Then the update came and low and behold I could just keep walking because my podcasts weren’t suddenly cut off from the phone dying. I thought it was great, then I came to MR where joy comes to die.
That health number is not a wholistic reference, merely an extremely dumbed down approximation.