Applying 16:9 4K Clips Onto 2.40:1 4K Timeline

I have 4K clips imported (4096x2160). I want my project to be in the anamorphic ratio of 4096x1740 (meaning, I don't want to add black bars at the top and bottom, I just want to crop my project to those dimensions).

I create my new project as 4096x1740 and when I drop my 4096x2160 clip into it, it looks to scale down to fit the top and bottom of the clip into the shorter height timeline, leaving black on the left/right side.

Fine. But in the Video Inspector, the size (under Transform) is listed as being 100%. That can't be, since the clip has obviously been shrunken down, (otherwise top/bottom would be cropped). My timeline is set to the exact same width as what my clip is supposed to be, yet my clip doesn't reach the width.

Herein lies my concern. Is my clip REALLY at 100% size? If so, that means I have to scale it up 125% to fill the project's canvas size which I don't want to do. I don't want to compromise resolution. But is this "125%" an untrue value from FCP? Have I actually just brought the clip up to it's actual 100% size? Because before I scaled it up, was the clip was actually shrunk down to fit the entire thing?