I don’t see any reason someone wouldn’t identify the correct reason there performance improved.
Having recently gone from 16.5 stone to 13.5 I can say there is a massive improvement in results(probably proportionate to the weight loss+ some). Whilst loosing the weight and frequently being in a calorie deficit my fitness levels (particularly for endurance) where often worse than before and required managing carefully.
However the overall effect was improved results even during weight loss and certainly when stabilised. ..
How are you measuring fitness?