You may be right.
As an example, the data sheet of the LTV-817, CTR is 50% at 5mA min. It's 100% at 10mA, or 50mW. 600% is maximum. Those are at 5V.
At 12V, I'm unsure how it is affected, but I expect it is based on the brightness (power) of the octocoupler LED.
So, I would expect 12V@5mA...