How do you get 45 seconds out of that math? I mean really. There aren’t 4 triple Axel attempts in any program.To me, your first statement should disqualify your second. Skating around for 45 seconds (20% of the program) doing nothing except stalking triple axels should reduce his PCS. I actually think Malinin deserves higher PCS at this point.
FWIW, Amber Glenn does the same thing.
As far as skating SKILLS or choreography, I just don’t get how anyone can think Malinin is stronger. His free skates continue to be a bunch of nothing.

Getting around the ice surface in general is suddenly setting up for jumps. So we may as well call the first half of most senior programs solely "setting up for jumps", with no trace of edgework or 'choreography' to be found unless three-turns are suddenly complex movements. In your 'percentage of program' apply-low-PCS solution, I'd think most skaters would be at 0 for the time they are getting through jump elements. Literally.
