Understanding Soil Moisture Percentage

Could someone please tell me if my understanding of the Soil Moisture datum in a zone is correct? For example, one of my zones indicates a soil moisture of 74%. In the parameters for that zone, I am using the Allowed Depletion standard of 50%. Therefore, am I correct in assuming that a soil moisture content of 74% means that this is the amount of moisture remaining until 50% of the soil moisture is depleted? Or stated differently: if current soil moisture dropped to 0%, would the 50% maximum allowed depletion level been hit?

Thank you for your help!

Yes, except I would slightly modify your first statement to "74% means that this is the amount of moisture ALLOWED DEPLETION remaining until 50% of the soil moisture is depleted.