My iPhone 15 battery health drops till 95% and has 200 cycles

Prolong and Maximise Battery Performance and maintain Health of the Battery

The measure of battery health deterioration/drainage is subjective and can vary depending on individual usage patterns. There is no universal standard to determine whether the battery health deterioration/drainage is normal or abnormal because it heavily relies on how the battery is used and maintained.

Protect & Prolong the Life of your iPhone's Battery:

1. About the battery usage on your iPhone, iPad, and iPod touch ...
2. Batteries - Maximising Performance - Apple (IN)
3. iPhone Battery and Performance

Try to monitor Battery usage by iPhone Activity as shown below

What is shown under battery usage? Checking that would give you an indication of the usage behavior.

1. Background Activity
2. Notifications
3. Connected to Charger
4. Or any Other

See the pic below (iPhone 12 Pro iOS 17.3.1)

"Show Activity" feature will show you more info see the pic below

Try some of these options too.

To prolong the life of your iPhone battery, you can follow these tips and best practices:

To prolong the life of your iPhone battery, you can follow these tips and best practices:

1. Optimize Battery Charging: Enable the "Optimized Battery Charging" feature on your iPhone. It helps reduce the wear on the battery by slowing down the battery aging process. You can find this option in Settings > Battery > Battery Health. About Optimized Battery Charging on your iPhone - Apple Support (IN)
2. Avoid Extreme Temperatures: Extreme temperatures, both hot and cold, can negatively impact your battery life. Avoid exposing your iPhone to excessive heat or cold, such as leaving it in direct sunlight or in a freezing car.If your iPhone or iPad gets too hot or too cold – Apple Support (UK)
3. Use Original Chargers and Cables: Always use Apple's original chargers and cables or certified third-party accessories. Low-quality chargers or cables can damage the battery and reduce its lifespan. Identify counterfeit or uncertified Lightning connector accessories - Apple Support (IN)
4. Avoid Draining the Battery to Zero: Charge it whenever the charge becomes lower than 20%. The rest is up to you when to charge. how long to charge, how often to charge, which adapter to use starting from 5W to 140W USB-C Power Adapter etc.
5. Optimize Display Settings: Adjust your display settings to optimize battery life. Lower the screen brightness, enable auto-brightness, and use shorter screen timeout durations. Adjust the display and text size on iPhone - Apple Support (IN)
6. Minimize Background App Refresh: Limit the number of apps allowed to refresh in the background. Go to Settings > General > Background App Refresh and disable it for apps that don't require real-time updates. Switch apps on your iPhone, iPad, or iPod touch - Apple Support (IN)
7. Disable Push Email: Push email notifications can drain your battery quickly. Instead, set your email accounts to fetch data manually or at longer intervals. You can change this setting in Settings > Mail > Accounts > Fetch New Data.
8. Disable Unnecessary Notifications: Reduce the number of unnecessary notifications you receive. Go to Settings > Notifications and customize which apps can send you notifications.

There is NOTHING ridiculous going on at all. You've owned your phone now for going on 6 months. On average, you can expect to see about a 1% loss in battery per month. But battery health loss is not linear, meaning it can remain steady for some time then start to drop. Your battery is doing what ALL batteries do and that is decline with every full cycle battery charge. Battery Health decline cannot be stopped in any way. When the day comes that the health of your battery declines to 80% (which if you own the phone long enough is guaranteed to happen), it will then be time to pay Apple to replace the battery.

Do follow the excellent advice SravanKrA provided links to above. Monitor your Battery Health if you must, but worrying about the natural and inevitable decline in Battery Health is a waste of time.