How come my material test is so far off from reality?

Here is the result of my material test on 3mm baltic birch ply:

But when I do an actual project, using the same batch of plywood, 400@100 requires 2 passes. The best 1 pass setting I’ve settled on is 350 @90%.

That seems to me a big discrepancy and makes me wonder about the value of material test for cutting? Or am missing something?

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