The best kind of correct. Calling it O(n) then is the best way to express the performance improvement - I think that's the whole point of Big-O notation.
However I agree that for smaller n one should not underestimate the constant factor impact.
O(2n) is not an abuse of notation. It's just as well defined as O(n). The fact that O(2n) is a subset of O(n) is a theorem, not part of the definition of the notation.
Personally I would prefer to use different semantics to express that. It seems big O notation often carries a separate meaning in parlance.
I thought big O notation was about classifying function growth irrespective of the coefficient/constant. Does it not grow at all with respect to n? great you are O(1). Does it grow linearly? cool you are O(n). Logarithmically? Quadratically? In my mind, this kind of analysis aligns with big O notation.
Big O notation is for describing how the performance of an algorithm changes as the size of its input changes. If the size of the input is not a significant concern, then it's totally fine to not use big O notation for analyzing the problem.