i'd say subtract a loy more than 15-20 from their lifts
I agree. It's more like a 20
percent or more exaggeration on the lifts and a good 10% bodyweight exaggeration. I remember reading Muscle and Fitness in junior high (about a quarter century ago), when M&F wrote about
light heavyweight Mr America Tim Belknap supposedly competing at about 220, and supposedly squatting 655 for 20 and benching 485 for ten...

I was later told by someone who trained in the same gym with him back then that 100 pounds was added to the bench and a good 150 was added to the squat for that article. His actual competitive bodyweight and actual lifts were very impressive in and of themselves, but the ridiculous exaggerations really strain credibility, to say the least.
I've noticed this trend to be a rule rather than an exception over the years unfortunately.