Many factors can affect battery health, recharge cycle count being just one.
An iPad battery is rated to retain 80% of its original capacity when new after 1000 full charge cycles. You might therefore anticipate losing 1% for every 50 charge cycles - and as such, on cycle count alone, you can expect to have lost ~5% of the original capacity.
Given that you reported battery health is 89%, your battery health is perhaps within the region of expectation and variability. You should note that no two batteries are identical in either overall capacity or charging behaviour. Reduction in battery health is not necessarily linear and will be affected by other factors such as temperature.
A full charge cycle is any combination of charge that together sums to 100% (e.g. 40% + 20% + 20% + 10% = 100 = 1 full charge cycle).
While limiting charging to 80% of full capacity will usefully reduce chemical aging that will influence overall battery longevity, you will be recharging more often. This strategy will not reduce the cumulative effect of charge cycles - as a full cycle is any combination of partial charging that together sums to 100% - even when limiting the battery charge to 80%.
If you have any concerns whatsoever, you might be well advised to seek assistance directly from Apple Support - and request a remote diagnostic test. You can contact the Support Team using the Support link at top-right or bottom-left of this page.
Alternatively, you can initiate and manage your support cases from Apple devices using the excellent Apple Support App. If not already installed, the App can be downloaded from the App Store:
https://apps.apple.com/app/apple-support/id1130498044
You might also visit the Genius Bar at your local Apple Store or Apple Authorised Service Provider (AASP) - where the technicians will be able to test and assess your iPad:
Genius Bar Reservation and Apple Support Options - Apple