This answer addresses the problem more abstractly. Imagine the following unrealistic, highly idealized assumptions actually hold:
Every player $x$ has a true skill score $s(x)$ which is a real number, and higher skill means a better player.
There is a function $f$ that, given any two scores $s(x), s(y)$, outputs the win prob $f(s(x),s(y))$ for player $x$ when the opponent is $y$. Further it has a bunch of nice monotonicity and symmetry properties e.g.
$a \ge b \implies f(a,c) \ge f(b,c)$,
$c \le d \implies f(a,c) \ge f(a, d)$,
$a \ge b \implies f(a, b) \ge 1/2$, etc.
In this unrealistic, highly idealized case, you might say their skill "distance" is $s(x) - s(y)$ or $45$ points, or that $x$ is better than $y$ by a "ratio" ${s(x) \over s(y)}$ or $127\%$. However, saying these things requires everybody can measure $s()$. If it is actually a hidden variable, then you can redefine some new skill score using any monotonic transformation e.g.
And you can change $f$ appropriately to $f'$ and this new $f'$ would still calculate the win prob and have all the nice monotonicity and symmetry properties you want. However, the "distance" $s'(x) - s'(y)$ or "ratio" ${s'(x) \over s'(y)}$ would now be different numerical values. In other words, even if the player skills never change and you observe an infinite number of games to find out the true win probs for every pair of players, you cannot distinguish between $(s,f)$ vs $(s', f')$ as the "underlying" model, so to speak.
To make the point more simply, a statement like "$x$ is $27\%$ better than $y$" or "$x$ is $45$ points better than $y$" is meaningless unless everyone agrees on a way to measure skill score.
Having said all this, ELO is certainly a common way to go. In effect it is an idealized statistical model that, given the observed win probs, back-calculates $s$ (and also $f$) under a bunch of pre-agreed design choices / conventions (including many "fudge factors" or "parameters" for tuning).
BTW, IMHO "players hardly ever reach $70\%$ win rate" does not mean MtG has "less skill" (or smaller "skill separations / distances") than some other game where good players routinely reach e.g. $90\%$ win rate. It all depends on what constitutes a single "game". If a game is a single hand, the win rates would have a certain spread, but if a game is e.g. best-of-$7$-hands, the win rates would have a much wider spread and then maybe $70\%$ win rates would be much more common. Perhaps in MtG "game = 1 hand" is natural, but in many other card games generally agreed to be highly skill-based, e.g. poker and bridge, tournaments are not usually interested in "hand win percentage".