Yep, that' s clear. A converter with 100% efficiency is unrealistic. Just trying to figure out what the bug is.
The mysterious disappearance of 2.4V!
In other words:
Digikey's calculator is based on the same voltage at source and sink side. So you can easily shorten voltages out on both sides of equation.
But in OP's math suddenly 2.4V are missing.
And 2,4V x 1200mA = 2,88W are also missing.
Added to 6W result is 8,88W.
48,1Wh/8,88W = 5,41h
If we calculate right with 7.4V on both sides and a pure resistive load, the overall balance looks much more worse:
5V/1,2A = 4,166Ohm.
7,4V/4,166Ohm = 1,776A
=13,142W
48,1Wh/13,142W = 3,659h