I had a little search, and found this "There are 84 replies with an estimated read time of 0 minutes." - #9 by nbianca.
I struggle with deciphering these things, but it seems it’s uses a word count x time figure (plus a minimum time to cover posts with no words, like images).
There was also this one which gave a hint as to what the final value may be called: (though its old, so may have changed?)
Not massively helpful, I’m sure, but thought I’d share just in case.
I hope you get the answers you’re looking for.