10% of Medieval Manuscripts survive to this day - Is that an overestimate?

[Scarecrow]

I'd assume that being lavishly illustrated would also increase a manuscript's chances of survival. It's like a bunch of pocket paintings.

Surely the survival of the manuscript also depended on how valuable the owner considered it and how important it was perceived to be.
Manuscripts that were richly illuminated, decorated, or beautifully written were usually more carefully preserved because they were seen as valuable works of art, not just texts. This especially during renaissance period, but depended heavily on the location of the manuscript/owned.