Due to the way in which Apple rounds down any tenths of a percent in the battery settings, it is possible that your battery really declined from 97.0% to 94.9%, a loss of 2.1% when it looks like the battery declined 3%.
Unfortunately, Apple only displays whole numbers without any tenths of a percent.
Chances are, you updated your phone to iOS 26 in the last week or so, and if that is true, a 2% decline would be expected since everything has to be re-indexed on the phone, which requires the battery to work overtime and then some for a few days.
How old is the phone? Do you remember the approximate date that it was purchased?
On average, and as a general rule-of-thumb, the battery will decline about 1% a month. The battery decline is not linear. Some months, it might not decline at all, then drop 2% the next month.
If you can get 2 years of use from the battery in your iPhone 14 Pro Max, that is not bad.