I disagree, I think the 70% is right, and matches what you still describe as a 1.7x speed increase.
If it originally took 4 seconds and now takes 2, I'd call that a 100% speed increase, i.e. twice as fast.
@hcm: Would have loved to see the 'after' flamegraph just for comparison purposes! I'm still trying to get used to groking flamegraphs when optimizing. They're a somewhat new tool, IMO.