Are the number of raw pounds a good indicator of lifting abilities? For example wouldn't it be better to use the ratio of self-weight that one can lift?

I consider myself reasonably fit, and I can lift around 75kg (~150-ish lbs). My bodyweight is 54kg(~115 lbs), with shoes on. Even if I eat 2 Schwarzeneggers a day for the rest of my life, I won't be able to lift 120kg.

I used to be able to squat 415 for a couple of reps in college.

Now I have hip osteoarthritis at 41 (diagnosed stage four at age 36). I have no arthritis elsewhere.