That is true, You have the VALUE, WORST, and THRESH.
VALUE=Current value
WORST=The lowest value in this specific case
THRESH=The value at which is considered bad news.
All of that indicates that the RAW value should be reflective of the WORST value, assuming the same scale. This value could be inverted but Percent Life Remaining should be a count down in the RAW value as well. Just what I have observed.
Nope, your drive is not dead but it also properly displays a RAW value of 98, not 0 or 2. I am certain there is a firmware issue, it may not be an operational problem but it is a strange indication.
I’m not sure if there is a firmware update for the drive in question but I’d at least contact customer support and raise the question. You might see new replacement drives show up at your door. 