Tested new native Recycle trait on RNG. No recycle gear on at all, 5/5 Recycle merits, and working on the assumption that the description of Recycle merits isn't lying/broken as of last update (still says 5% per).
Exactly 1000 shots (1018 - 18 interrupts due to switching to new worm), 209 arrows used. That puts RNG99 Recycle at ~54.1% (55% looks like a likely, if slightly odd, candidate given that sample size). Somewhat interestingly, that makes AF3+2 head the only Recycle gear needed to hit cap.
Will test more later to confirm with a larger sample size, and confirm a hard cap at 95% with trait + merits + gear.