What scroll depth means
It is a measure of visual travel, not of comprehension. It records that part of the document passed across the screen, and nothing more. The browser does not know whether the user read that passage, skimmed it looking for something else, or left a finger resting on the glass while glancing at the phone.
That is where the most widespread misreading comes from, which is treating the figure as a quality grade. A long journey can mean sustained interest, and it can mean exactly the opposite: someone who cannot find the answer and keeps scrolling in search of it. A help page with the solution in its second paragraph ought to produce short journeys, and that would be good news.
The percentage also depends on how the page is built. The same amount of text yields different figures if a long footer, a list of related articles or a comment block sits underneath, because all of that lengthens the document and pushes the threshold further down. On mobile the total height for the same content is far greater than on desktop, so figures across devices are not directly comparable.
The metric earns its keep when paired with something else: which element sat at that height, and what the user did next.