low% isn't about collection % since majors don't count and with the game still growing and new skips being found there isn't a stable floor yet for low% so running it would be a moot point right now.

The difference between any% and low% is that any% just does whatever is the fastest possible thing. Where low% is grabbing as few items even at the cost of speed. If someone did a run of low% with say all major items that took 2 hours but someone else did a run with one less major but took 4 hours than the 4 hour run would be the new record for low% since they were able to grab fewer items. Repeat until you're running through the game as naked as you can get.