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Yes, the correct usage is that 100% increase is the same as a two-fold increase. The reason is that when using percentages we are referring to the difference between the final amount and the initial amount as a fraction (or percent) of the original amount. If soap A kills 100% and soap B kills 99.99% of bacteria, the remaining amount of bacteria after applying A (0%) is infinitely smaller than the remaining amount of bacteria after applying B (0.01%).
Understanding the Context
Therefore A is much, much better. You can see from these examples that 0.01% gap behaves differently across the percentage scale. People often say that percentages greater than 100 make no sense because you can't have more than all of something. This is simply silly and mathematically ignorant.
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A percentage is just a ratio between two numbers. There are many situations where it is perfectly reasonable for the numerator of a fraction to be greater than the denominator. 2 Use 100% when you are stating mathematical thought like statistics. Use "one hundred percent" when you are stating non-mathematical thought like a story. word choice - Choosing between "100%" and "cent percent" - English ...
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You miss 100 percent of the shots you don't take. 1991 Burton W. Kanter, "AARP—Asset Accumulation, Retention and Protection," Taxes 69: 717: "Wayne Gretzky, relating the comment of one of his early coaches who, frustrated by his lack of scoring in an important game told him, 'You miss 100% of the shots you never take.'" ... The type of writing you are doing also plays into your decision. For example, in legally binding documents, like contracts or exhibits to contracts, the spelled out number is the legally binding number. So if a text said that, "you are 99% (one-hundred percent) responsible", the 100% number would be legally binding, not 99%.