Is 720p not 1/4 resolution of 1440p, and half resolution is a bit lower than 1080p?
Yes, but to get the numbers they had to half the 1080p resolution.
Put it this way, 1080p screen with 1080p reflections got 30FPS.
1440p screen got 40FPS, so there is no way on earth that increasing the screen to 1440p while keeping the reflections the same 1080p magically made the FPS increase form 30 to 40pFPS.
What the articles states is that the vega 56 does 1080p screen and 1080p reflections at 30FPS which is barely playable. If you half the 1080 reflection resolution to 720p then everything is much faster, it doesn't state but maybe 60FPS? By doing that they could then increase the screen resolution to 1440p while maintaining 720p reflections to get a playable but slow 40FPS.
Conversely, the GTX cards can do 4K screen and 4k reflections at playable FPS