Is reload cancelling faster?

No, it is not. After a reload cancel there is a delay, which is equal to the time required to reload without canceling the animation. I suppose that reload animations were made to fit the reload time, not the other way around. Here are two GIFs,which demonstrate that (by reddit user - daddatv):

At full speed

Frame by frame

I did some testing with McCree and Soldier 76 and compared the times in a video so feel free to check it out!