Not sure if they do this with newer Macs that may have a more complicated replacement procedure, including perhaps replacing an entire top case with keyboard and trackpad. The case has value where they refurbish it to put back in service for future battery services and top case'keyboard repairs. But the general idea is that there may not be an incentive to do that (when that means replacing the case) unless it's under Apple's official definition of "depleted", which is 80% of nominal new battery capacity. As far as I know, Apple makes no guarantees about what happens in between new and hitting 80%. 95% is still considered "Normal" regardless of whether or not it seems like it's dropping fast unless there's something specific that's an error.
I'll just note that my mid-2012 MBP had about 94% of nominal new battery capacity when I got it new in 2015, but it wasn't a warranty issue. It kind of stayed like that for a while and only hit "service battery" in about 2021 with less than 150 cycles. I finally got it replaced about a month ago at an Apple Store.