Most dynamometers are not properly calibrated to provide an accurate SAE output.
Internal combustion engines have varying output depending on environmental conditions - ambient temperature, pressure, and humidity play a major role. To compare results between runs, dyno software allows the operator to apply a correction factor to correct the reading to 1 ATM and 22degC ambient conditions.
Since most enthusiasts don't understand how dynos work, correction factors and calibration aren't considerations, and many tuners will manipulate the output to make the number look larger in order to please the customer.
The important metric is a comparison of measurements before and after modifications, not an absolute number. This dyno run only has a 1% correction factor which amounts to a few horsepower, but we also don't know the last time the dyno was calibrated against an SAE standard (if ever).
The best way to compare "real world" performance is to look at the quarter mile performance, which is generally done on the same track in each publication. A cautionary point: the environmental factors will play just as large a role here as with the dyno. The 2022 WRX ran ~ 14 sec @ 100mph quarter mile stock in journalistic testing. This is very similar to the outgoing VA WRX, if perhaps a tad bit slower. The VB is about 100 lbs heavier than the VA and so a 3hp increase is indeed conceivable. I don't believe the car is severely underrated in horsepower from the factory.