To reproduce, use one weapon enchanted with knockback and another weapon not enchanted with knockback to knock back a ghast fireball. The weapon without knockback will repel the projectile properly, but the weapon with knockback will make the projectile travel too quickly horizontally and slower in height. This can be annoying when trying to kill ghasts using a knockback sword.
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Cannot reproduce with Knockback II on Sword, and Punch II on Bow. Can you provide additional information about the context and the exact item you are using?
Try using your hand and then use a knockback sword, and you will see a difference in the speeds.
I also edited to make more specific.
I found another bug where if you hit a ghast fireball upward with knockback, it moves in a "random" direction before moving up.
I believe that its the same bug so I put that in this ticket.

Concerning the fireball speed, I still cannot confirm it. I can notice a speed difference between hand and Knockback II sword, but the speed is nowhere near 100 blocks/s. If you are using knockback level over II, this is not supported, see MC-10755.
Then I can confirm that using Knockback, when you hit a fireball directly upward or downward (pitch = ±90) his direction shift toward the player facing (see attached screenshot). I can reproduce it using a real ghast but using commands is much easier and produce the same effect.
Command used :
/summon minecraft:fireball ~ ~10 ~ {direction:[0.0,0.0,0.0]}
/give @p iron_sword 1 0 {ench:[{id:19,lvl:1}],display:{Name:"Knockback I"}}
/give @p diamond_sword 1 0 {ench:[{id:19,lvl:2}],display:{Name:"Knockback II"}}
Updated this since this hasn't been updated in about two years.
(I also checked if this still happens and it did)

Likely caused by MC-3756.
Can confirm in 20w48a. Here's some updated commands to reproduce this issue, as the command format and usage has been changed since this report was posted. I've additionally attached a video which shows how fireballs move at different speeds, depending on the level of knockback used.
Commands used:
/summon minecraft:fireball ~ ~1 ~ {direction:[0.0,0.0,0.0]}
/give @s iron_sword{Enchantments:[{id:knockback,lvl:1}]}
/give @s diamond_sword{Enchantments:[{id:knockback,lvl:2}]}
Can confirm in 21w03a.
Can confirm in 21w05b.
Can confirm in 21w06a.

Can confirm in 21w07a
This was fixed for wind charges. (See MC-268405)

Affects 1.20.5 pre-release 4.
From my testing, this stopped happening for 1.20.5 Pre-release 1 and later. In 24w14a, the ghast fireball will fly at an arc when hit with the knockback enchantment, but will fly straight under the same conditions in 1.20.5 Pre-release 1.

Can confirm fixed in 1.20.5-pre1.