Well, it might seem so, but a substantial amount of the pulses are lost to parasitics such as connector & cable impedance as well as in circuit impedance. Capacitor ESR must be kept to a minmum, I tested a number of capacitors before settling on the suitable type.
Have a look at the 'scope trace for a pulse and you can see the actual power delivery. In reality I see around 33% efficency based on what the battery actually accepts when subtracting the associated heating losses from impedance inside the battery as well as the power delivery subsystems.