It certainly could be an accumulation of loss and error.
The SA (Siglent SSA3021X) is newish and in calibration; the total level measurement uncertainty spec is less than 0.7dB. I have better SAs, but I have tested this one with a calibrated, leveled signal generator and it is *much* better than 0.7dB level accuracy that at 1GHz.
The vendor claims +20dBm out of the module; I seriously doubt that because that's the rated transmit power from the radio (before switch and filtering). I would have believed up to 1dB of total IL for the switch+filtering that are built into the module plus the cable, but 2dB seemed excessive which is why I asked what others are seeing.