I'll add some observations from the various places I have had my dyno.
I've seen a largest correction of 1. 06 in the mountains of West Virginia. Most other places are well below that.
SAE correction I feel makes good use for equalizing air quality, even for diesels, except for elevation. I think it's not entirely accurate for forced induction engines at elevation but that doesn't mean you shouldn't use SAE at elevation. If you are at 5000 feet always when tuning, that constant will remain and the variances will be temp, humidity which will be corrected. This is important when comparing between an August run and a December run.
Just like Gas engines, the heat and humidity have big impact on HP. But I can see first hand on my dyno how trucks will be consistant corrected throughout the year, but uncorrected hp follow the season's air qualities.
And yes, things like Fuel filters (seen 20hp) can rob power and other factors can too. Do I believe 15 - 20 % correction factors are valid? No, at least not in the majority of cases anyway.
In dyno competitions, SAE can be used. That way those that run in cooler morning or evening air don't have an advantage over the midday and afternoon hotter air. But that is really just my opinion.
And to answer your original question of which number do most use? The bigger one. :-laf