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Yes. This is why, btw, wargames have more or less standardized in hex grids: no sudden 20% increase of speed for units moving diagonally.

Hexagons are the bestagons; better than all the restagons.

Don't you mean sqrt(2) increase in speed? (1.41+)

Yes, sorry, 1.4 (also consider that most wargames have rules where travelling on roads units can double speed...)