I've worked in e-commerce for a while and have heard similar stated from time to time and seemed like someone was trying to fit a linear line over what's almost certainly an s-curve distribution.
At lower latencies no one is going to leave your site because it takes 1200ms instead of 1000ms to fully load a page. But at some point almost everyone is going to leave your site rather than wait.
I also find these stats really confusing because whenever someone talks to me about site performance they're always talking about a different metric (server response time, first paint, time to interactive, etc). If you're first paint is quick then users aren't going to care if content half way off the page doesn't load instantly.
I've always tried to focus on how fast things feel rather than worrying too much about specific metrics. If you can just get something (ideally the important bit(s)) to load really fast a site can feel extremely fast even if it's mostly just an illusion. Users like to click things and see stuff happening. It's things like reloading the page when adding items to cart then making them wait on a white screen for multiple that increases bounce times as abandoned carts in my experience. Making add to cart buttons an ajax request probably helps far more than making the page load 200ms faster.