Question about reflectance correction

In pix4d’s log there are
[ Calibration target derived sensitivity correction: 0.627938 ]

Is this part performs reflectance correction after radiometric correction?
If not, where does the reflectance correction using the calibration target occur after radiometric correction

You are right, at this part we do the rdaiometric correction using the targets/panel. All of these take part in step 3 (reflectance map generation)