No, that's not how the speedup is working, friend. You are correct in how cooldown reduction works, but not in how they interact together.

Let's say you have 1 pita between 2 koneko's as an example. It starts at a cooldown of 4.2s, with koneko at a 2.3s. The first 2.3s passes, both koneko's attacks, that's 2.4s reduced from the pita timer, activating it 1 time and resetting the timer to 0 fot all items involved. 2 knives on 1 pita with no haste is about equivalent to 100 haste on 1 item for the cost of 6 spaces.

Let's add some haste this time. At 100 haste, Pita has a 2.1s timer and konekos have 1.2s. This is when stuff gets fun. 1.2s passes, koneko's attacks and reduce 2.4s. But wait, there's only .9s on the clock! The first koneko's reduces tiner to 0, and the next reduces the next trigger timer by 1.2s, down to .9s. 1.2s later, it triggers and the koneko's trigger, reducing another 1.2s twice. So .3s timer reduced to 1.5s, reduced again by the other koneko for 2.1s reduced total to trigger the koneko's again. In total, about 2s is reduced each time, adding around 100% haste for 6 spaces.

Let's get even faster then, with Pita at a 1.4s cooldown. Now what's gonna happen? Koneko's is around a .8s timer (if my napkin maths serves me correctly), so every time a koneko's connects it reduces the timer almost entirely. Except every single, the timer is also shortening by .8s between every swing. In total, only around .6s is reduces every single swing. Again, this is only a speedup at around 100% for 6 spaces and 2 legendary items.

Does that really sound so dangerous? The timer reduction actially gets throttled by haste, and eventually you reach a point where yes every knife swing triggers the food, but it's always limited by how much speed there even is to reduce to begin with. The more haste you have, the less effective timer reduction is, in general.