Nope.It's "absolute" risk reduction of 1%.
But relative of 95%.
Absolute so low because not many people are infected with corona among the population, what makes sense is the relative not absolute
It has nothing to do with the population having low infection rates.
It has everything to do with absolutes.
A drug that works for 9 out of 10 people has 90% absolute efficacy.
A drug that works only for only 1 out of 100 people has 1% absolute efficacy.
As compared to taking nothing, the lousy drug has an infinite relative efficacy, even at 1% absolute efficacy.