Performance is for the user. If the user has told you that we have an SLA that requires this operation to complete in 10s, but it currently runs in 30 seconds, and your first set of changes gets it to 15s, what improvement are you going to report to the user?
You're going to report in the time domain. In which case 1/2 off the time is 50%.
One of the benchmarking tools I used to use reported 50k ops/sec -> 200k ops/sec as 75% faster. Which definitely IS wrong but I know how he got there. You see you don't count operations per second, you run the loop ?? thousand times and see how many milliseconds it takes. Then you convert that to ops/sec. If you compare before and after while still in the time domain, that's 75%. But if you report throughput right next to a ratio in the time domain you're gonna have a bad time.
When that tool stopped being maintained, the person who replaced it wisely switched to reporting in multipliers. 4x faster is hard to misinterpret. Though "1.1x slower" is still open to misinterpretation.