The reduction is in total system-wide journey times in passenger-minutes (travel time + expected waiting time). The model makes underlying assumptions on how people arrive at stops to do their trips, and how they choose paths through the network. The wait times are therefore related to frequency of services.
The statistic is also broken down by each route what happens when the changes (new routes or extensions) are implemented. For some routes, you see increase in ridership (on account of better connectivity), and on some you see decreased ridership (since the new routes offer more competitive paths through the network).