Does speed hack increase dps?

Does speed hack (>1) increase dps?

Yes but it also has a higher chance to make your shots not hit because of how hit detection works.

but is it still higher dps? or equal to normal speed because of hit detection?

If you can guarantee 30-60 fps I think it is worth it, if you're in oryx with 100 people then I would advise against it. Depends on how good your cpu is, too. Also if you have low projectile travel time it will increase your chances of it hitting (compare ass versus a staff).