it is even a bit more complicated.
The overall pitchbend value is set up in the synth you are playing on that channel.
It can differ from 0 semi tones (no pitchbend available) to e.g. 12 semi tones.
Normally the “default” pitchbend value in the synths is 2 semi tones.
Keeping that example, then the 2 semi tones are “diveded” into 128 steps, the value the pitchbend controller can represent.
If the synth is set to 12 semi tones pitchbend range, then these 12 semi tones are divided into these 128 steps.
And then it will get even more crazy, as the mid value for no pitch bend is 64, and will go from 64 to 127 for bending the pitch upwards, and from 64 down to 0 for bending the pitch downwards.
So what you can edit/set/record in Cubase are the 128 values.
How much these will bend the pitch depends on the settings of the sound source.
And to use the pitch bend grid properly, you need to set up the grid first at point 3:
I think Steinberg changed the values from Midi 1.0 to cents with getting ready for Midi 2.0.
While there is a preference which lets you toggle between the old 7bit view and the, shall we call it percentage view?, some areas in Cubase ignore this setting and only work from 0 to 100 now. PB seems to be one of those areas.