As with any LED light product (flashlight, bike light, head lamp, etc.) — not just this one — I’d be very skeptical about advertised Lumens and run times. There are standardized tests for these (Fenix uses ANSI NEMA FL1), but many vendors just take the optimum luminous output rating of the hosted LED emitter(s) and state that number alone, without subtracting out losses due to inefficiencies in drivers, power sources, optics, etc. Also, for the advertised run times, what is the criteria for acceptable output as the battery discharges?
For this specific product, I suspect the luminous output being advertised is the total output, distributed more or less evenly across the 3 or 4 emitters encircling the housing. That’s probably fine for close-in uses but not so much further away. Then again, you’re not trying to land aircraft with it ;)