It uses a time/draw weighted average.
very roughly...
if you're drawing 300 A (thats unrealistic) then the time steps would be very short intervals lets just invent a battery on the spot that takes 10 seconds between each step. when you see that voltage under that load then it tells you where you are (roughly) on your state of discharge under load.
the same battery with only a 30A load might run 100 seconds between each step (not realistic itd be longer due to Peukert's law) with a 3 amp load youd get 1000 seconds between intervls.
you generally dont use a loaded chart to work out the condition of the battery its more an on the fly calculator look up chart for how long you have untill you hit the nominal "flat" voltage. if you then let the battery rest with no load and no charge put on it it will "recover" a little, how much depends on the battery build and condition.





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