Theres more to it than that Theo, if it was just combining pixels for "a larger combined charge" then you could convert bin 1 in software to bin 2 after capture and get the same result, the only "faster" part would be the download time. No other advantage at all, you wouldnt bother, given its a lower res.
The whole point of binning is, its done on chip so that readout noise is lower, (as say with bin2) proportionally 4 times less than with bin1.
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