Documentation
In https://docs.python.org/3/library/gc.html#gc.set_threshold it is explained that "The fraction of the old generation that is collected is inversely proportional to threshold1." As the default value of threshold1 is 10, we expect the fraction to be 1/10=0.1, which is 10% and not 1%.
No additional information is provided in https://github.com/python/cpython/blob/3.14/InternalDocs/garbage_collector.md
May be there is a constant factor used to compute the inversely proportional function, in that case it would be useful to disclose it in the documentation.
Linked PRs