No, it doesn't make sense to me. We use 5% as a minimum to offset any differences in SAP values in oils. The SAP value of any oil can be different from shipment to shipment, so suppliers use an average. We use that 5% as a cushion to ensure we never have lye-heavy soap.
IMO, 3% is too low. Over 10% & you run the risk of rancidity & DOS, particularly if you're using oils with short shelf-lives.
If your soap is properly formulated, even at 10% SF, you can have loads of lather, so that's the part that doesn't make any sense to me. I'd be leary about that particular recipe.