Agree, adcoms are not looking at percentiles. I’ve never before seen so many threads referring to percentiles as in this season.
In fact, the Math2 meets a target base for subject tests at P. In contrast, the 700 would be lower.
How all this affects you depends on the rest. Eg, if you want a humanities major, sorry, the 700 is low, in terms of the competition. But as ski points out, there’s so much more they look at.