Yes they are depressingly low, especially compared to when legendary lost sectors were introduced. Plus there isn’t even any point to doing it on master, they claim it’s better chances but you’re more likely to get an exotic on legend simply because you can get 2-3 more clears in the same time it takes to do a master.
I remember when Nothing manacles came out and I ended up doing 36 “bay of drowned wishes” on master with not a single exotic drop in between then and when I got them and the only reason manacles dropped was because it was my first pair.
They should have bad luck protection on Master difficulty. Make it so if you haven’t gotten an exotic by your 7th run (Bungies favorite number lol) you’re guaranteed an exotic. Still RNG on which exotic you get, Still RNG on the stat rolls so there’s still a grind.
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It’s 25 % drop rate on legendary and 35% on master so it really isn’t worth it.