The speed of light in fibre (I.e. glass) is substantially slower speed of light than near vacuum .
So yes bouncing up a few hundred km is faster for medium and long range connections .
It will not be faster than fibre for Manhattan to Princeton , but it would be faster for London - New York or London-Frankfurt
It will not be faster than fibre for Manhattan to Princeton , but it would be faster for London - New York or London-Frankfurt