I'm working solely from theory and zero experience, but that seems to make sense.
Fully saturated water vapor at 1 atm is 47mm/760mm, or 6.2%. So a 2% corr'n for water vapor must have another factor.
If you calibrate the Revo while breathing on the loop, then that might be an empirical value including a bit of water vapor on the intake side, diluted by a lot of injected O2. My JJ is supposedly calibrated to 100٪ O2, but my cal is done passively with an open DSV, and the solenoid injecting away.
Need some experienced folks to chime in here. But it seems if Revo has determined that loop O2 only reaches 98% during a cal, then you should put the 98% value in your spreadsheet for the multiplier, not 100%.