Yes — that’s the place Apple recommends checking it.
Since the percentage changes only after you disconnect and reconnect the keyboard, that makes a stale battery reading more likely.
I’d leave the keyboard switched on and connected for another 30–60 minutes, then unplug and reconnect it once. If the percentage jumps up again, the keyboard is charging and macOS just isn’t refreshing the displayed level properly.
I wouldn’t reset Bluetooth or change anything else yet. If the percentage stops increasing even after reconnecting, let us know whether it’s the USB-C or Lightning Magic Keyboard.