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by 1123581321 2325 days ago
Definitely a bad estimate if that is an original battery. 500 charges should bring the health down to about 80%. Presumably yours has been charged 1000-1500 times since it was purchased new from Apple.

My 11 Pro is at 96% and it is only a few months old.

Lithium battery degradation is a chemical fact; it happens as reliably as, say, car brakes do with use.