It calculates since last reset, however it is notoriously optimistic about your MPG by a couple miles per gallon. You're getting the expected result.... some get a smaller variance and some larger, but 2 is about average.
Also note that hand calculation is also inaccurate, since the shutoff point can vary pump to pump and even on the same pump can still be different. If you put 10 gallons in, does that mean you started with 12.2 gallons and used 10? Maybe, but maybe you started with 12.0 gallons, because last time you filled up shutoff was a little early, and this time you got all the way full, so you really only used 9.8 gallons. Or perhaps you did start with 12.2 gallons but this time the shutoff was early and you only filled up to 12 gallon total... while you really used 10.2 gallons.
450 miles on 10 gallons is 45mpg but 450 miles on 9.8 gallons is 45.9 mpg... and my worst case scenario 450 miles on 10.2 gallons is only 44.12mpg
Because of this, to get a real picture you need to try to keep filling up at the same exact pump, and also use the miles and gallons for several fillups together.