This is correct, but it’s also, it’s only 100% of the heat at that point in the circuit.
Technically, using natural gas to make electricity, then sending that electricity to an electric heater would be less efficient than burning that natural gas for heat at the source.
So it depends on where you start counting from.
They could have saved even more by not putting batteries in them, or motors… Man, these things coulda had a way bigger profit margin!