It's defined to be like that, they never meant to calculate the radius you are showing. It's also in the specification.
To better understand let's consider a square. You can have a perfect circle if you consider 50%
as value
.red {
width: 200px;
height: 200px;
background: red;
clip-path: circle(50%);
border:2px solid;
box-sizing:border-box;
}
<div class='red'></div>
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