The relevant detail is that quantified content is how many milligrams of peptide are actually in the vial, measured against a calibrated reference standard, and it is the only measurement that directly answers that question.
If a sample shows high purity but low content, the explanation is usually that the standard used for quantitation had a different purity than claimed.
Water content and counter-ion content are part of the gross mass but not part of the content assay result, which is why the two do not sum to label claim.
One qualification: a single result from a single vial is a point estimate, and repeating the assay on a second aliquot is worth doing if the first result is surprising.
The practical summary: if you are ordering from a new supplier, budget for content assay on the first lot.