The way it works is the data is first encrypted by your client app, then sent to a second VPN server where it is encrypted again then sent the rest of the way.
Two problems here that I haven’t seen clarified is does it actually use two different servers, I haven’t used it personally, there isn’t any real reason that would be required to use different servers other than the name implies it.
A trace route of the hops along with some DNS lookups would give you some timing comparisons, (yes you can trace route a VPN connection.) It will also return time between hops. Some hops might not be shown but the timing would still be accurate.
As for speed, the big hit is the users client particularly for low end streaming devices with less powerful CPU, but that’s true, double hop or not and double hop doesn’t add any more overhead for that.
However if you actually route through two different servers that increases the hop count (number of routers used, so distance traveled). So distance and the two added encryption operations are the things that would have an affect on the speed.
The increased delay is probably not all that significant in that VPN providers equipment likely use servers with encryption coprocessors as that’s common today. Even higher end virtualized servers should take advantage of encryption coprocessors.
But the truth is, not trying to start a flame war here, the only real reason to use a VPN is to hide your IP, as far as streaming is concerned and for most Internet activity VPNs are a waste of time and money, particularly in the US and Canada.
You can make a case for encrypted DNS to hide the lookups from your ISP or just use a different public DNS server (not your ISPs) but they aren’t really paying that much attention to your traffic.
There are other reasons you might use a VPN, downloading or even torrents but for general streaming… not so much.
I know some of you disagree, that fine, you don’t have to tell me, I am well aware, but I have been in the business of networking for most of my adult life, teaching networking and as a network and security administrator so I do have some knowledge about how it works. You do you, as I always say, I am not trying to change minds here.