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That's correct, and that is the highest defense of any upgraded single piece of armor. I assume they did that to make up for the fact that it's not part of a set and therefore has no bonus effect beyond seeing HP numbers which isn't as much of a bonus since you can see the HP bar anyways. Now...

When I'm just running around, I almost always wear the Sheikah armor set for stealth and that great nighttime speed boost. However, I change quite often depending on climate, battle conditions, etc. During early game, I luckily found all of the Climber's set and wore it because I was climbing...