That is about the natural rate of recovery. If you rep to exhaustion, then it will take about 3 minutes to recover, otherwise the number of reps you are capable of will match your level of recovery. For example- You use your 10 rep max and do 10 reps to achieve full exhaustion. 2 minutes later at 80 percent recovery, with the same weight- you would be capable of 8 reps.
By recover though, I mean short term set to set, not full and ready for the next workout recovered.