Automat K4A 3.5 Tessar- No, mine is basically right at the other edge when set to 3.5. Once I move off of 3.5, the blades start moving into the circle immediately. Your photo looks like mine when it is between f4-5.6. I'd say you are losing 1 stop?
I assume that the aperture opens and closes, so the mechanism is engaged.
Was it worked on recently? Around both lenses are gears that transfer location info from the dials. It is quite possible to disassemble the parts and place the indicator dial back in place incorrectly. Hard question to explain, but can you tell if the stop when you move wide open is around the lower or upper lens? There is a hard stop on the lower gears, but if the upper gear with the indicator was put back in the wrong place, it might create its own stop before the 'real' stop.
Other than disassembly, it's hard to imagine the gears jumping a tooth or two, but that's the only other explanation I can see. Maybe others have another explanation for it being off. But yes, I think that it is off and it matches no other lens I have seen (and I have a variety of TLRs with f3.5 lenses).