Hello,
It is selected according to the specification. In NFC, the operating frequency is 13,56 MHz and there are different bit rates such as 106kbit/s, 212 kbit/s, etc., where the most common modulation depths are 100% or 10%.
I was told by the internal team that the modulation percentages are shown in that way on the register side. Nevertheless, on the RF side, the modulation depends on many factors such as the antenna and matching components, i.e., when set to the maximum, the modulation should be as close as possible to 100%.
Hope it helps.
BR,
Ivan.