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How does this APR work?

If you were 149.43 HIVE for a full year at 66.48% APR, you would get about 99.29 HIVE in interest (149.43 x 0.648).

In Binance, just go to "Earn" and select the flexible Hive product.

Didn't know they had HIVE there!!!

Yes, it's been since April 2020 I think!

That's too much, especially for flexible savings, where tf are they getting the yield from?

I don't know, maybe it's some kind of promotion by Binance to increase liquidity. I'd like to know the reason for it indeed