Couple things crossed my mind. If you look at dyno sheets, there is a point where power falls off with an increase in timing advance, but it generally happens before pinging occurs. Therefore running on the ragged edge of detonation could be yielding a decrease in power, as well as taking a chance on seeing detonation.
Octane ratings are a measure of the resistance to knock. One needs to optimize the timing setting and octane rating relationship. The higher octane's resistance to knock is what allows more timing to be run. The explosion is often in the same relative piston displacement however, whether using low or high grade, so long as timing is optimized for the given grade.
If we had piezo sensors, then the dynamic would be different. But we dont, so that is my take.