In the article they say most speed-ups are in the 5x to 10x range. The paper shows this to be true, particularly when compared to PyPy.
In other words, the acceleration isn't measured against raw C implementations (where the 78x factor I quoted would be relevant). It is measured against Python or PyPy.
How much faster does Codon make your Python code. The answer seems to be somewhere around the 5x to 10x range.
In that context, and in the context of actual applications rather than hand-picked tests (how much can we optimize a loop), "orders of magnitude" seems to be an exaggeration.
BTW, MIT does this kind of thing all the time with their press releases. They have a brand to support with outlandish claims about everything that comes out of there. Those with frequent exposure to this kind of press release are wise to this. I've seen it for decades. It's marketing.
For me, when someone says "orders of magnitude" it means "massive". I tend to say "10 times faster", "50 times faster" even "100 times faster". I probably start using "orders of magnitude" faster at 1000x or when I am trying to explicitly make an impression on a mathematically-challenged audience. "Orders of magnitude" sounds great to that crowd.
I have never, in 40 years in CS/Engineering, heard anyone use powers-of-two when they say "orders of magnitude". Doing so would open you to serious misinterpretation. Engineers might say something like "a factor of 2 to the n" or something like that.