That would speed up both characters. Really doesn’t even make sense. It just increases your movement speed and changes the frames on some moves. I mean technically cutting frames out of a move could be considered the same thing as turbo I guess, but that would be like saying AE Dan is a frameskipping version of SFIV Dan.
tl;dr they’re probably modifying move properties rather than slicing random frames out of one character’s actions, because that would be weird and make combos inconsistent. The speed up number is probably based on movement speed.