Yes, for some reason, vendors of cheap chinese soldering gear pretty much all grossly overestimate the rated power.
I bought one of those very cheap "hot plates" on Aliexpress that you can get for a few bucks. It was rated 550W. Real measurements showed only about 200W peak. Max temperature was also a lie - claimed to be 250°C (or even 270, not even sure anymore) and turned out to be barely 220°C right in the center. So barely enough for desoldering jobs on lead-free stuff. Now it still does the job for small boards with not too much thermal mass, but why lie that bad? The price is rock-bottom, we know we ain't getting some high-end gear.