Whether this is CoconutBattery being inaccurate or Apple's metrics being "optimistic" I don't know -- but it makes me think it's best to take these health estimates with a grain of salt.
I guess, “optimistic” is an okay word to use as there has been a little evidence Apple’s battery health algorithm tends to continue reporting the higher calculated err estimated battery health — that is, until that highest value is no longer the highest value. Of course, all assessments of Apple’s algorithms are also best guess/guesstimates.
Here's a nearly 5% difference in that battery health estimate, as well as a disagreement of nearly 4% on how fully the battery is charged.
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As for the state of charge discrepancy… Something of a two-part question… Does the SOT vary when the percentage(s) are below 80%? At the time of the screenshot, has your MBA (i.e., macOS) been reporting 100%/fully charged for a while?
I ask because the overcharge protection is designed to be invisible in macOS, iOS, and iPadOS. However, it can be somewhat observed with tools such as coconutBattery (as these tools simply pull the raw data reported to the OS by the BMS/PMS). In other words, after reaching full charge, the system will stop charging the battery and allow it to be depleted up to about five percent (i.e., dropping from 100% to ~95% or ~80% to ~75% if optimized charging or other limit is set/active). At that point (e.g., 95%), charging will restart. This cycle will continue until the device is disconnected from the charger. During this cycle, the OS only shows “Fully Charged”/100%/80% with no apparent fluctuations, even though there are.
Basically, it’s all about being easier for the user to understand. And, quite frankly, details most users have no need of knowing. Therefore, yes...
it makes me think it's best to take these health estimates with a grain of salt.
… Or in other words, no one should obsess or otherwise stress over these numbers.