Just to throw my 2 pence into the discussion.
Based on my own experience and the soils I normally come across, then there is a case for distinguishing between 95% and 100% of the 'standard' [2.5kg] proctor. Most of the earthworks I get involved with have a high proportion of cohesive soils. Following current standards [SHW & BS EN] National Guidance [BRE] and best practice, we do distinguish between the two levels of compactive effort. This is of note because we find that in many instances, 100% of the 2.5kg rammer is close to 95% of the 4.5kg. Please note this reflects the cohesive soils from my region and would not want this to be a 'global' generalisation. Where we are placing cohesive soils as 'general fill' then typically we would look at the 95% of the 2.5kg rammer, which in turn 'typically' returns shear strength of around 50 kPa and/or CBR in the order of 2.5% on the wet side of the curve. 2.5% CBR is the minimum allowed for sub-grade to pavement foundations [IAN 73/06], below this you "have to do something else..." and this corresponds well with the min shear strength for trafficability. Where the fill is placed below more sensitive structures, i.e. buildings, we are reccomended to use the 4.5 kg rammer, as this should have a higher bearing capacity and less suceptible to long-term settlement. Tyically we would find CBR's in the order of 5% /shear strengths of around 80-100 kPa at 95% MDD of the 4.5kg compaction on the wet side, which in turn fits well with the expected performance of the material at 100% of the 2.5kg rammer. We do, however, also place great emphasis on the air void content, with a maximum of 5% specified for cohesive fill.
Now going back to the original post:-
in my experience for cohesive soils, 100% MDD of the 2.5 kg rammer will settle less than 95% of the same MDD, but will not remove it completely. Cohesive soils tend to settle less during construction and more long-term due to consolidation settlement. Granular soils will probably experience most if not all of their settlement during construction. The general split between granular and cohesive, based on the SHW, is the amount passing the 0.063mm sieve, more than 15% its cohesive, less than 15% its granular. This is NOT the same assessment we make when describing the soils geologically as part of the SI.
So in summary it depends on the soil type and nature of the structure being constructed. I have tested fine grained 'cohesive' soils [sandy SILTS] where the MDD using the 2.5 and 4.5 were very similar, but were unable to achieve less than 8% air voids.