Let's assume we conduct a dive of 56 minutes to 60'/18m.
Let's also assume that 56 minutes is the NDL at 60'/18m (SF0)
1) Diving on air will give you a saturation of X.
2) Diving on nitrox 32% will give you a lower saturation of X-a
(a is the difference in saturation rate between 79% nitrogen and 68% nitrogen)
3) Diving on SF2 would make your NDL shorter, lets say 48 minutes.
That gives a lower saturation of X-b.
(b is the difference between 56 and 48 minutes worth of saturation)
This does not account for nitrox accelerating decompression on ascent (accelerated desaturation), which it does. It only accounts for nitrox reducing saturation (speed/volume absorption of gas into tissues).
To compare the effect of nitrox versus a more conservative safety factor, we can simply make use of the dive computers' planning function. A very simplistic comparison of max NDL - giving a guide as to which option allows greater saturation. Program a dive with nitrox and note the NDL. Program the same dive with air on SF2 and note the NDL given. The shorter NDL guides on which method is most efficient.
In reality, there's many other factors when you're considering multi-day diving and different computer algorithms. Some algorithms automatically compensate (add conservatism) for multi-day diving.... for instance, Suunto RGBM.
Nitrox is more than just a tool to increase NDL. It also has benefits in respect to off-gassing on ascent. That makes it a good idea in just about every scenario. However, in the real world, we have to consider cost. It's a personal decision if cost reflects the safety value - especially when recreational dives are exceptionally safe to start with.
Safety factors, in my opinion are under-utilized by most divers. That's because they limit dive times. Nobody like their dives cut shorter than necessary.
Personally, I apply safety factors/algorithm conservatism based on the existence and/or severity of known DCS predisposing factors. It's a decision I make before each dive, based on my body, vitality and health at that time.
If I am moderately tired, a little dehydrated, a small injury etc... I will go to SF1. If I'm really tired, noticeably dehydrated, a significant injury... then I would go to SF2. And so on... Obviously, as a dive instructor I often
have to dive; otherwise I'd skip the dives if my condition was unreasonably short of optimum
.