The better question is do synthetic benchmarks matter.
If you want to be really horribly anal about it, if the new 44.03s do not have any sort of IQ drop in GT4 REGARDLESS of what may happen if you freelook using the Developer Edition, it's not cheating. The benchmark runs, it ends normally, it's just faster than it would otherwise be. But at the same time, it is a fake optimization that has no place in the real world.
In my book, yes, it's cheating, because it's creating performance where performance isn't there. But at the same time, it finally proves without a doubt that as a test of game performance, synthetic benchmarks are dead. And I think it's article time.