Police estimates were definitely wrong, but the estimates from organisers are also always exaggerated, for the same reasons you mentioned the police estimates are wrong.
I live in Paris where most of French demonstrations take place (including the yellow vest movement) but I can't pretend to have better estimates than all local and global media sources and public observers.
https://graphics.reuters.com/HONGKONG-EXTRADITION-PROTESTS/0...
Another analysis with machine learning, about 1/2 protestor estimates.
https://www.nytimes.com/interactive/2019/07/03/world/asia/ho...
And another, estimates protesters had to occupy 18 miles of streets to pack 1M protestors, actual protests occupied 1 mile. Acknowledges not exact science, but leans towards conservative estimate of 250k... incidentally close to police estimates.
https://www.cjr.org/analysis/how-many-marched-protests-hong-...
IMO just average protestor and police reports for ball park figure.
Satellite imagery is likely the best way to estimate.
The massive crowds in slow march peaceful protest videos I saw were astonishing.
However if we extrapolate that not everyone who'd support it or are silently supporting it - what % of people available to protest/march were out?
Edit to add: downvoting a question asking for trustworthy, quantifiable sources - you're failing.