If I'm doing Fermi estimation, I'll happily round the earth's radius to 1000 miles. If I need to know roughly how far something is falling after a second I will use 10 meters per second squared. And if I need a board that is precisely 2 by 4 inches I will measure and cut a board that is precisely 2 by 4 inches. There are places in carpentry where I don't care about an eighth of an inch, and places where I care a lot about 1/64th inch, it just depends what I'm doing.
The level and sort of precision required depends entirely on the problem being considered. 2x4 is a sensible term that has entirely sufficient precision for how they are actually used. And convincing people to add six syllables to a completely clear and well understood name is a battle that's both doomed and pointless.