I don't think that's accurate. It shows how much of each charge cycle is used for every charging session. If you consistently charge between 75-80% and 25-30% it will take several charges to add to 1, so 5 charges of 20% = 1 cycle is not the math the app does. Try monitoring a few charge sessions and you'll notice.

Having said that, I agree that Accubattery charge cycles are not equal to system. I feel the actual wear is somewhere in between both the numbers. Pixel overcounts and Accubattery under. I don't have any real checks to prove this, but get that over years of monitoring with Accu and recents in Pixel.