No, that's just where you're going fast enough to have a decent amount of drag-induced acceleration, giving you fairly clean data. Cd should be (largely) independent of speed in the subsonic regime for a rocket-shaped object, and that's just where your data is good enough to observe that.
(For an example of what much cleaner drag data looks like for a rocket,
here is an actual measured drag profile from a friend of mine).
The biggest problem with that is that 600m/s is well supersonic, and thus your real terminal velocity would be lower thanks to the drag rise that occurs at mach (as seen in my sample data above). I'd also note that your very high sectional density is actually making your data a lot muddier - since you're limited by accelerometer resolution, you'd get much better data with a rocket with higher drag relative to weight, but obviously that goes against the general design goals here.
Also, I'm curious what motor you used here, since your frontal area makes this seem like a 54mm MD rocket, and it's not exactly common to get to 20,000 feet on a 54mm motor.