Yep, it's all correct just a smaller chance of getting higher light level items over 390. Just keep going and if you're not being rewarded for a while then you will be in for a surprise when suddenly you get 399-400 drop. Happened to me few times over the last few days, I am 397, not haven't finished the raid yet, Just farming exotics and archon forge for ghosts, artefacts and class items. :D
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I know, towards 400 it seems to be getting better. Did strike runs and used exos for getting my chest higher. I already reached 400 in the meantime.