Solderdude's measurements didn't show the distortion <100dB either; measured at 90dB though:
https://diyaudioheaven.wordpress.com/headphones/measurements/ollo/s5x-1-0/
vs say HFM Edition XS
https://diyaudioheaven.wordpress.com/headphones/measurements/hifiman/edition-xs-2023/
If you compare to Armin's, the distortion is missing, so it could be related to measuring jig, head shape, placement, etc.? Maybe 90 vs 94dB also makes a difference?
The XS isn't on ASR yet, but the Ananda is on both, and we can also see a disparity in distortion levels also;
https://www.audiosciencereview.com/forum/index.php?threads/hifiman-ananda-review-headphone.22281/
https://diyaudioheaven.wordpress.com/headphones/measurements/hifiman/ananda/
So up to interpretation, but don't think he's saying that at 99.99dB it will be 100% perfect, I mean, any headphone will have some distortion, and if we compare to the Edition XS above, yeah the Ollo does seem distort 1% ~200-300Hz, but others will also distort at other frequencies... I don't think it is like a glaring defect that will be easily heard; what is it, a peak between about 210-260Hz? How easily audible is it? Armin:
"if you have to use it without EQ in some other secondary situations, the sound is not bad.". Many online reviews haven't mentioned it either, very positive reviews... *shrug*
Another set of measurements here, which also highlights high bass distortion, which indeed increases with SPL, some comments mention that some people might hear it more than others... 90-100 is
"very loud
" too, so to get to Armin's 104 to 114dB.... Not sure how great the person's hearing will be if they listen to that loud music often!
Think the bottom line is; most headphones aren't perfect, if you inquired about hifiman, focal, sennheiser, etc., and confronted them with their own distortion figures, don't think you'd get very different answers; there wouldn't be massive recalls and complete redesigns, it's just how things are! YMMV is very likely the best answer here; whether you'll hear it or not, which would largely depend on the tracks and volume you're listening to.
But yeah, having read/watched quite a few posts/reviews of the S5X, people haven't really complained about this particular distortion; or mabe I just missed it... IMHO, just not that easily audible given the 'pike' and high bass frequency; maybe you could hear if it you tried, but likely not something that really jump out at you?