Apple notes in their product information that the battery in the iPhone 16 is designed to handle up to 1,000 Charge Cycles before it reaches 80% Maximum Capacity under ideal conditions.
That works out to an average of 1% decline for every 50 Charge Cycles.
So, a battery at 97% Maximum Capacity after only 70 Charge Cycles is not performing normally.....so far....even if the battery is being used heavily.
If this were the battery in my iPhone, I would be concerned.....and hoping that the Maximum Capacity will decline to 80% by the end of the first year of operation......although it probably won't.