Not necessarily. It's not that simple. First, do you know what battery conservation mode does? Upon googling, I found out it's not what I thought it was.

Turns out, battery conservation mode only ensures your battery will maintain a charge between specific levels, with those levels being whatever the settings dictate e.g. keeps the battery between 50% - 60% charged. It's not good for a laptop battery to charge to 100% if you use the laptop often, hence why this mode doesn't let you stay at 100% whilst gaming.

So far from what you've told us we can't know what the cause is because we don't have complete data. All we know is your battery drops by 0.1% per hour whilst gaming.

Does the laptop charge to 100% when plugged in and not gaming? Does the laptop deplete completely whilst gaming or does it deplete to a point and then hold this charge level? What are the battery conservation mode settings set at? What are the temps of the laptop whilst gaming? What are the temps of the laptop whilst not gaming? What peripherals, if any, are plugged into the laptop? What is the actual rated power output on the laptop charger? Does it say 170W but also a value of variance of like 15W meaning it might only be outputting 155W and still be working to the spec of the manufacturers design?

These are some questions that I would be asking and looking into further because it'll help to understand whats going on with your laptop.