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Do we know how far this event was from earth? Wouldn't that distance be the determiner of what the relative contraction observed on earth would be?

That's how fast the millennium falcon goes

That's 7.2 billion light years. More than halfway to the most distant galaxy the Webb telescope has found.

So this event happened 7.2 billion years ago.

There is no mention of in which direction. Maybe the triangulation wasn't working at the time. You need three LIGOs for that.