How fast does an IP packet travel?

IP packets spend about 80% of their time in routers, and only about 20% on the wire.

NY to SF = 71 ms
NY to SF = 4134 km
IP packet speed = 71/4134 ms/km = 58000000 m/s
Light speed = 300000000 m/s
IP packet travels at 58000000/299792458 = 20% speed of light

What’s happening in those routers?

Why does HFT tear up the earth to lay dedicated cables? Does wireless just not have the bandwidth?