TBW or total bytes written (not terabytes written by origin, but effectively the same now) is a measurement taken for warranty purposes. That is: a certain amount of writes
or a warranty period, whichever comes first. Usually it's used to determine the drive writes per day (DWPD) value for write-intensive workloads; for consumers, not so much. When I say "health" below I mean the inverse of "percentage used." (e.g., 73% health = 27% used)
With that in mind, how a vendor/manufacturer determines TBW and (sometimes separately) drive health can vary. Most often the writes you see listed are host writes which is a measure of how much has been written by the system, but that does not reflect how many writes were actually done to the flash/NAND ("NAND writes"). This is because of something called write amplification where more than a single write is done for a given piece of data; the ratio between NAND and host writes is known as the write amplification factor (WAF).
If you're following that so far, your drive has full-drive SLC caching which means all of the TLC can act in single-bit mode (more or less). The SLC cache acts as a temporary write cache but it will shrink as the drive is filled since it's converted to TLC. This is dynamic SLC (different from real/native SLC, and also different than static SLC) which has an additive effect on wear. So let's look at two sources for more information here.
Dynamic Write Acceleration (DWA) is Micron's term for dynamic SLC. On page 5 we see: "Provided conditions occur such that a given piece of user data is written as SLC and is neither trimmed nor rewritten before the later migration to MLC, the additive factor in WAF for that data would be two." (this for 2-bit MLC) Next, ADATA's
page on DWPD: "the PE Cycle in the Dynamic SLC zone should be the same as the TLC, and it will perform Wear Leveling with the TLC block; consequently, it is necessary to combine the calculation of TBW." (meaning actual TBW, not hosts) The combination of these factors means you will have higher write amplification and if the manufacturer measures health/used by NAND writes rather than host writes it will be higher than the listed writes.
Considering the high TBW of the E16 drives and the fact they have full-drive SLC caching it would be a pretty poor idea for them to have health based on host writes. So the health/used % might give a better indication of NAND/actual writes even if they may warranty under host writes. By no means does that mean the drive will die at 100% usage or writes.
Most often with SMART the value given for writes (and often TBW/warranty) is host writes! Some vendors measure health by the average block erase count, as well, but that will track closely to the NAND writes value. Host writes will often be given in the logical sector size (512B here) also.
To answer your other questions:
That drive may and likely will survive far more writes than the % or writes suggest. I don't have exact numbers as it depends on WAF/workload. Once a drive starts tapping into spare blocks, and that means
any, I would suggest decommissioning it. This is because modern drives wear fairly evenly so once you see one failed block they tend to go down like dominoes.
Also, to give you a different example:
I have drives with static SLC. With static SLC, the SLC zone has its own wearing and TBW separate from the TLC zone as its endurance is usually an order of magnitude higher. However, TLC TBW or host writes doesn't take that into account at all. That falls under health - if you check my 2nd link/source above you'll see this. In other words, listed writes on consumer drives isn't really an accurate indicator. Most often health will be based on P/E or erases which mirrors NAND writes rather than host writes. In the case of a static SLC drive the "real" TBW would be the
worse of two separate TBWs, neither of which maps to host writes!
tl;dr - it's not atypical for SSDs to match "TBW" to host writes when actual health or P/E will be based on NAND writes