Yes, that's right. But convention (at least in science) means that 454g is an assertion that there will be between 453.50 and 454.49g in the jar, so it's pretty precise - they need to get the amount of jam right to within about 0.1%, if I'm not to arrive at customer services complaining. By contrast, 1lb could mean anywhere vaguely near, and even within 10% would be hard to argue against. (All this assumes that they get it right on average of course.)
Pretty obviously, none of the marketing guys would stand for doing the obvious thing, and reducing the claimed accuracy by marking the jar 450g, because then the competition would appear to be offering an extra 4g per jar. Even though it gives the production team a massive headache getting the amounts that accurate
Of course, they probably avoid all this by erring on the slightly generous side anyway. Maybe