8 hours seems really extreme for a render, of course it depends on you graphic card but I don't remember such rendering time on my old 1060.
How ratio works is quite simple. Each X iterations (when Iray shows "render target canvas was written"), Iray count how much pixels was flagged as converged and compare with the lastest update. As render progress and more pixels are flagged, render will stop when XX% converged pixels are reached. The threshold for when a pixel is flagged as converged is set by Iray devs.
When you set rendering quality to 3, you are asking for 3 times the threshold for each pixels, that's why it's quite linear with rendering time. It will not lead to a 3 times better render. Difference will be very subtle at best, not all pixels need higher quality thresold, some pixel will (your bad noise are typical pixels that having hard time to converge), vast majority doesn't.
But, IMO, you should never try to kill bad noise with render quality. For one it will lead to catastrophic rendering time, and second those bad pixels will almost always finish in the 5% unconverged pixels pool (if you set your converged ratio to 95%), you will still have noise.
When using higher render quality then? Well tbh I don't know lol, it seems mostly useless. The cost in rendering time seems never worth it. I make a quick comparaison (ratio at 98%, 1080, don't mind the render lol):
View attachment 947702
I do enable render quality tho (set to 1), generally 95% ratio for landscape/wise, 98% for close up. It's a good way to 'benchmark' a scene, and also a smart way to solve an unsolvable problem: when a render can be considered finished and quickly set a reasonable bar.
If you want to push quality of a render there is others things to do, IMO (higher resolution, better texture/shading, render beauty canvas and/or multiple canvas and so on).