It does. It also links to its talk page which discusses the issue. To be completely objective, mappers would have to carry around (recently calibrated) luxmeters at night, which might be a tad inconvenient for average mapper. As it is, that tag is somewhat subjective, although the current version of the page takes some effort to make it more objective and verifiable.
Still, if you think the lack of precision is making
lit:perceived=* unusable for use case, nobody is forcing you to use it.
I’m just mentioning it as an tag for those who would like to record how good lighting is, even if it is somewhat subjective (just like smoothness=*, or mtb_scale=* or tracktype=*, or sac_scale=* etc). You seem to have indicated that you wanted to tag that meaning sometimes, so I’d though it would be useful information to you too.
If you intended it to be ironic, please be advised that such finesse is often lost in written conversation, so it is much better to be explicit if one wants to avoid misunderstandings. (and if my sarcasm detector is misdetecting here, and you meant that earnestly, no worries, clarifications in this post still apply!)
My point was that the idea that you might get just by knowing that the words in key/value mean in English language (e.g. by looking them up in English dictionary) may lead you to incorrectly believe that the tag means something that it does NOT.
E.g. in you specific case, it seems that you didn’t consult OSM wiki, and (just from knowing the English meaning of the words which make up that tag!) concluded that lit=limited tagging on some object means that “it is lit with limited amount of light reaching the area”, when in fact that tag means something else in OSM (“Only in limited number of situation is it lit, and in all other cases lights are completely off, i.e. it is unlit.”)
Thus my suggestion to look up what tag means and how it is used before one starts using it for the first time. It was not intended as an attack on yourself or anyone else (everybody makes mistakes sometimes!), but as a friendly suggestion on simple procedure to make the OSM map better in the future - which is something we all hopefully wish to accomplish.