This isn't right at all, a lot of the energy from launch goes into 1) gravity 2) air resistance 3) accelerating the fuels to do 1 and 2. Only the actual mass and velocity of the satellite matter. It's a lot but it is very far from being equal to the whole mass of the rocket.
Indeed, it's definitely not 100% conversion of chemical to potential energy & speed, but given that we are talking hundreds of tons of very energetic chemicals, it's still a lot & IMHO still a nice visualization.
No, it's not even conversion efficiency of burning fuels, rockets expend a lot of their energy accelerating fuel that is later burned as well. That energy is not in the satellite when it's in orbit.
