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for me, kobo reading time used to be very accurate, but it broke about 3 updates ago... (If you look at the Reading time estimate of a book, does it display your aveage page per minute? That field used to populate, but it no longer does, and time remaining estimate is, as you found, completely nonsensical now.)
If it matters, I read side-loaded kepub.. and haven't bothered to investigate this with the other possible formats/sources.
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