4h 40 min 100-43% doesn’t sound good to me, but maybe that’s all you can get on iPadOS 16 with your usage pattern. I’m out of ideas, I’m sorry. Flipboard and Safari don’t sound like heavy apps, and the rest of the settings are fine. Brightness is low, background app refresh is off, Mail push is off, usage is light, battery life is not good. I’ve always been able to explain poor battery life through some combination of these, this time I can’t, I’m sorry.
If you have iPadOS 16, I’m inclined to blame that, but... that low? I thought there might be something else at play, but apparently there isn’t.
I used to get 14 hours on iOS 9 on my 9.7-inch iPad Pro, Apple forced it out of iOS 9 into iOS 12 and battery life immediately dropped to 10-11 hours at most, with low brightness, every setting off, and light use. I thought the 3rd Gen iPad Pro wouldn’t be as affected, but apparently it is. Less than 5 hours on 40% with light use is not great, and the only thing that explains it is iOS updates, because we eliminated the rest of the possibilities. If that’s the culprit, there’s no solution, I’m sorry.