timedemo is a better benchmark, it returns the average fps for the whole demo, including sound , events etc.. Timerefresh is location dependent and will vary all over the place.
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Incidentally, I might expect Quake 2 to be faster even than Quake 1 for several reasons
1) It was designed from the ground up with OpenGL in mind, GLQuake was reall more of a hack...
2) It doesnt run a virtual machine for the game code. Quake 1 ran a portable binary code compiled from 'quake c' that was interpreted by the engine. Was a neat idea, but not the fastest solution
3) The hyperion port is well polised, they also wrote the GL implementation it uses and have a good familiarity with the techniques used having already ported Heretic2 first.