I'm guessing that what matters is the voltage in each cell of the battery. I'm also guessing that each cell will have a similar but somewhat different voltage. What's tricky is there's no way (that I know of anyway) to know the voltage of the cell with the least voltage, unless each cell had its own terminal exposed. I've seen batteries that are literally built up from individual 2v cells wired together. Maybe it's for testing purposes? I always assumed it would cost a lot more. Maybe not, though, if all you do is replace individual cells when they go bad rather than the entire battery? Or is that like replacing one tire instead of all four, as they're all likely to be similarly worn out?
All of which is to say: I wonder how M1 Gold picked a voltage of less than 10.2VDC as the cut-off? RAL thought 10.5VDC was a good cut-off, broadly speaking, for a 12v SAL battery, and RAL impresses me as someone with a deep understanding of this stuff. I was thinking of a slightly higher cut-off, to account for variations in indindividual cell voltages, but it would be redundant if RAL's 10.5VDC already did that. I don't have a good feel for just how much practical difference, if any, it would make anyway, except that it cuts into useable mAh's if the cut-off is higher than it needs to be, but you don't gain meaningful mAh's if it's lower than it needs to be. Therefore, a drain test plot of voltage-current might tell the tail. That's a lot of work though.
Came to think of it, RAL had said to check the datasheet for the battery's manufacturer for the specific battery, as there may be differences in recommended cut-off voltages. That does sound like the proper way to select the cut-off. Thanks, RAL. Maybe the 10.2V is dialed into the M1 Gold because it's of relevance to whichever battery Elk happens to recommend?